The Board of Directors for Buccaneer Energy has a new look again, just weeks after an attempt to overtake the board by two Singapore-based investment companies was only partially successful.
In a press release, the company announced three of the six board members resigned effective August 14th. Nicholas Davies, Clinton Adams and Shaun Scott had only been on the board since July 2nd, when they were nominated by Pacific Hill International and Harbour Sun Limited, both based in Singapore. Those two companies hold approximately five and a half percent of the Buccaneer’s issued capital funds.
The Board split earlier this summer was about Buccaneer’s future plans for the jack-up rig Endeavour. The Singapore faction felt the focus should narrow to onshore development of natural gas, while the rest of the Board, which includes Buccaneer founder and CEO Curtis Burton and executive chairmen Dean Gallegos supported using Endeavour in Cook Inlet.
Now, Buccaneer will enlist the help of a search firm to find a new Board member. It will also have to work out another Board appointee with yet another investment firm. Meridian Capital, which has an almost twenty percent interest in Buccaneer, gets to appoint its own nominee as part of the deal it signed back in June.
That Buccaneer’s board is in a prolonged game of musical chairs should be of interest to Alaska taxpayers. They’re one of the company’s partners by way of the Alaska Industrial Development and Export Authority. AIDEA has invested more than $23 million into Kenai Offshore Ventures, which co-owns Endeauvour with Buccaneer and another investment company, Ezion, which took a 50% interest in Kenai Offshore Ventures when it signed on in 2011.