Dr Robson is stepping down in order to focus on the development of Tethys Petroleum Limited of which he is chairman, president and CEO.

The company said that Vincent McDonnell will become acting chairman in addition to his duties as president and CEO. CanArgo noted that the resignation of Dr Robson means that the company now needs to appoint only one new independent director to the board in order to regain compliance with the American Stock Exchange continued listing rule.

Mr McDonnell said: I would like to thank David for his invaluable input to the development of CanArgo and his very significant contribution to the company over the last 11 years. I wish him every success in the future.