Tangiers chairman Howell resigns

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 this morning entered a trading halt pending an announcement on the implications for the takeover offer of the resignation of Ms Howell and Tangiers non-executive director Max de Vietri.

Tangiers meanwhile suspended its shares from trading on the ASX as it prepares to appoint two new directors.

The company said it would continue its strategy of building an Africa-focused exploration and production company.

Tangiers announced a friendly off-market takeover bid for Jacka in December, valuing the oil and gas explorer at $37 million. 

Upon completing the transaction, existing shareholders in Tangiers would own 53 per cent of the company, with Jacka shareholders owning the remaining 47 per cent.

Ms Howell was to remain chairman of Tangiers, while Jacka managing director Bob Cassie was to become managing director of the combined entity.

Tangiers shares last traded at 23 cents, while Jacka shares last traded at 8.5 cents.