A little over a year ago oil and gas firm Hurricane Energy (HUR:AIM) was riding high, trading above 50p as it enjoyed strong production from its Lancaster discovery located to the west of the Shetland Islands.
Fast forward to today and a series of damaging operational setbacks have seen founder and chief executive Robert Trice pay with his job as the shares trade at just a tenth of that level.
The company will hope the appointment of Anthony Maris as CEO can get things back on track. The shares are up 9.3% to 4.9p on the news which represents a positive start but there is a lot for Maris, a veteran of the industry in South East Asia, to do.
The shares had already begun to slide thanks to the fall in oil prices and some disappointing results from drilling on its Warwick prospect and issues with obtaining the necessary consents for Hurricane to tie back the 2019 Lincoln Crestal well to the Aoka Mizu production vessel.
Things got really bad in May when the company revealed it could not sustain production rates of 20,000 barrels of oil equivalent per day at its and had shut one of its two wells as well as suspending production guidance.
Hurricane is the first in the UK to produce hydrocarbons from so-called fractured basement reservoirs. These are bodies of rock beneath the earth formed more than two billion years ago.
In certain places these massive structures - located deeper than the sandstones which have traditionally been the focus of oil exploration in the UK - have been pushed up and violently fractured by earthquakes and other tectonic forces.
The hydrocarbons discovered by Hurricane are contained within the cracks in these formations.
