As Tuskar Resources faces a winding-up action early next month, the group has restructured its board "to allow a consolidated effort to resolve the current operational and financial difficulties".
News of the reshuffle gave Tuskar a major lift because some investors considered it was now in a better position to come to an agreement with its Nigerian partner, Cavendish. This would prevent Tuskar being put into liquidation by one of its creditors, Brovig.
In London, where most of the shares are traded, Tuskar dealt as high as 55p before closing 13p higher on the day on 40p sterling. More than 6.4 million shares traded in London.
Three non-executive directors, Mr Kase Lawal, Mr Howard Wolf and Sir Derek AlunJones, have resigned while Mr Sunil Pathak has become an executive director and will support managing director Mr Gene Manson.
In a statement, Tuskar said the board thought a focused effort by Mr Manson and Mr Pathak would optimise the chances for a resolution of the existing dispute with Cavendish Petroleum Nigeria and prevent the liquidation of its assets.
