David Lenigas, the flamboyant executive who made ambitious claims that there were up to 100bn barrels of oil under the ground close to Gatwick airport in southern England, has abruptly stepped down from his position as executive chairman of UK Oil & Gas Investments (UKOG).
No reason was given other than a formal announcement from the small independent oil explorer saying Lenigas would “focus on other business interests”.
The Monaco-based oilman will be kept on as a consultant but will be replaced as chairman by the company’s chief executive, Steve Sanderson, who will take on both roles.
The UKOG share price trebled in April after Lenigas triggered a media frenzy when he talked about a world-class discovery, labelled the Gatwick gusher, being made at its Horse Hill-1 well in the Weald Basin on the borders of Surrey and West Sussex.
He later appeared to row back on the more exuberant initial claims, but has insisted there are potentially billions of barrels of oil reserves in place, if not necessarily recoverable.
As damaging to UKOG has been the announcement last month that pretax net losses in the six months to 31 March were £383,000, comparedwith £290,000 in the same period of the preceding year.
The company claims it still has enough cash to fund continued exploration around the Weald. Although UKOG insists the oil would be extracted without the use of the controversial fracking technique, environmental campaigners have become ever more determined to stop onshore drilling.
Lenigas dismissed suggestions he had been forcibly removed from UKOG. He tweeted: “Just for 100% complete clarification, it was 100% my choice to retire from UKOG. I planned this for a while. Found a great man in Steve.”
Just for 100% complete clarification, it was 100% my choice to retire from UKOG. I planned this for a while. Found a great man in Steve.
— david lenigas (@DavidLenigas) July 8, 2015
Lenigas has made both serious and jokey comments on social media. Earlier this week, reflecting on the difficult relations between Greece and the European Union, he tweeted: “It’s about time that Jeremy Clarkson was appointed president of the EU. We might get a straight answer for a change.”
