Terraoil announced today that Mr. Peter Luggen has resigned from the Board of the Company due to continuing health reasons. His resignation was previously announced at the Annual General Meeting of Shareholders on 22 October 2020.
The entire Board thanks Peter for his substantial and active participation in the meetings of the Board since his election at the AGM in summer 2013 and wishes him all the best for his personal future. In response to this development, the Board of Directors will consider filling the Board vacancy at the next Shareholders' Meeting.
The Board of Directors currently has six members, four of whom are deemed independent.