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Nu-Oil and Gas announced a board overhaul as it moved to sell an asset, issue new shares and renegotiate it debt to bolster its balance sheet.
The company said joint managing director and chief financial officer Damian Minty and joint managing director Alison Pegram had both stood down, with immediate effect.
Jay Bhattacherjee had been appointed chairman elect, while Andrew Dennan had been appointed as a director elect.
'Graham Scotton, previously executive chairman, has transitioned to non-executive chairman,' the company said.
Non-executive directors, Michael Bowman and Tejvinder Minhas, had also both resigned, with immediate effect.
Nu-Oil and Gas said it had conditionally agreed to raise £0.5m by way of a placing at 0.05p per share.
It had also agreed to sell its 50% interest in Marginal Field Development Company to RMRI in consideration for the release of all outstanding debts due to RMRI and Alan Minty, which totaled £1.23m.
The company had also been informed by Shard Capital Management that it had sold its loan owing to Shard by Nu-Oil to C4 Energy.
Following the sale of debt, the company had granted C4 loan notes of £10,000 denomination, which would be freely transferable, which set the loan balance at £2.5m.
At 9:51am: (LON:NUOG) Nuoil And Gas Plc share price was -0.01p at 0.05p