Shares in Mongolia - focused oiler Petro Matad (LON:MATD) nudged higher as it named two new roles - a new chairperson and chief executive.
Ms. Enkhmaa Davaanyam has been appointed as non-exec chairperson with effect from August 1 and Mr Ridvan Karpuz as CEO, effective mid-September this year.
Meanwhile, Ms. Oyungerel Janchiv relinquishes her actinbh chairperson position, but remains on the board as a director.
Davaanyam, experienced in mining and finance, was previously a director at Petro and is currently at the helm at Petrovis Group, Mongolia's largest fuel supplier. Petrovis has a 32% stake in Petro Matad.
Prior to his appointment as CEO, Karpuz was previously also a non-exec director for the company.
He will take up residence in Mongolia and operate from the company's office in Ulaanbaatar.
Janchiv said: " Ms. Davaanyam has been an active and valuable board member and was key to the successful conclusion of the previously announced farmout agreement with BG Group.
"With her appointment as chairperson, I and other directors are confident that the leadership of the Board will be in good hands. Mr. Karpuz's return to the company as CEO is a strong signal of the confidence he has in the future prospects of the company.
"His previous experience as exploration director gives Mr. Karpuz a unique perspective on the potential for success in the company's forthcoming exploration programme."
Shares added 2.94% to 4.375p.