Bob Cassie

Former Esso and ExxonMobil executive Bob Cassie has been appointed managing director of Jacka Resources, while Richard Aden has stepped down as executive director to focus on the commercial and financial management of the African oil & gas explorer.

Tangiers Petroleum's friendly takeover bid for Jacka Resources appears to be in doubt following the resignation of Tangiers executive chairman Eve Howell, citing the loss of support of several major shareholders.

Jacka Resources says it hasn't given up hopes of a potential friendly takeover by Tangiers Petroleum, despite terminating a bid implementation agreement for the deal.

Cash strapped Jacka Resources has appointed two broking firms to assess capital raising options after confirming that a friendly takeover offer from Tangiers Petroleum looks set to fail.

Jacka Resources has appointed managing director Bob Cassie as interim chairman following the resignation of Scott Spencer from the role.Jacka said Mr Spencer had resigned from the position to pursue other interests.He had served at the company since 2009. 

Jacka Resources has launched a $3.9 million capital raising and will review its operations and restructure its board in a bid to cut costs following Tangiers Petroleum’s failed takeover of the company.

Shares in Perth-based oil and gas explorer Jacka Resources have been hammered in their first trade on the ASX in more than three months.

Jacka Resources has appointed Neil Fearis to its board as a non-executive director.Mr Fearis is a WA corporate and commercial lawyer and is currently chairman of Tiger Resources.