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Candax Energy Inc. announced the resignation of Pierre-Henri Boutant from his role of CFO and Interim CEO, effective September 30, 2015. Philip Maxwell, Director of the Company will also resign from the Board of Directors effective September 30, 2015, to replace Mr Boutant.
This change will ensure continuity of management under the Arrangement Agreement signed on September 17, 2015, pursuant to which, upon acceptance by the minority shareholders, the Company will be taken private.
Philip Maxwell is an International E&P consultant with a 40 years' experience in managing international exploration, development and production projects.
Pierre-Henri Boutant said: "I am pleased and confident to let the Company onto the experienced hands of Philip Maxwell to face the continuous challenges in a tough environment for Candax. I want to thank the Board of Directors of Candax as well as the whole Tunisian team for their support and dedication during our past three and a half year of collaboration."
Philip Maxwell's appointment will be effective September 30, 2015. The Special committee constituted of two independent directors, M'hamed Ali Bouleymen and Jean-Claude Boubée will continue to have an oversight of the Plan of Arrangement until closing.
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