African Petroleum Corporation has applied for a listing on Oslo’s junior Axess market, following the appointment of new management in recent months. Controversial former chairman Frank Timis stepped down in October. “Due to historical events related to other listed companies where he has been involved, Mr Timis will not be employed by the company nor hold board positions nor play any governance role going forward,” the company said. Before founding African Petroleum, Timis was chief executive of Regal Petroleum, whose directors were fined £600,000 in 2009, after a Financial Services Authority investigation, for misleading investors on the viability of an oil well in the Aegean Sea in 2003. African Petroleum and its sister company International Petroleum listed on Australia’s National Stock Exchange in 2010 after the main Australian Stock Exchange declined to have Timis involved.
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