Streitberg transferred from managing director in February to an executive director’s position, with the appointment of Derrick O’Keefe to chief executive officer, who had come from being deputy managing director to Streitberg.

An Arc statement said O’Keeffe had resigned his position as an executive director and would now take a consulting role providing advice on business and corporate development.

“The board is grateful for Derrick’s efforts during the last three years in overseeing the successful transformation of the company to a substantial oil and gas producer,” said a company statement.

O’Keeffe was previously Arc’s general manager, before being appointed deputy managing director.

Arc chairman Mike Harding said with those changes and the recent appointment of Emma Stein as independent non-executive director, the structure of the board would now comply with corporate governance guidelines for independence.