Troubled oil and gas company Nexus has announced Richard Cottee has resigned as the company’s Managing Director.


Chairman Michael Fowler and Director Ian Boserio will act as the company’s Executive Directors in the immediate short term, with the two working alongside CEO Michael Maloney while the company begins its search for a new managing director.


Mr Cottee announced his departure in the midst of a share route, with shares in the company falling 52 per cent to 12 cents after the company announced Mr Cottee would cease employment immediately.


However, the board remained confident that the company could regain its position.


"Nexus is in a strong financial position and is on track to achieving our targets," Mr Fowler said.


"We plan to commercialise value for Crux and achieve FID (final investment decision) whilst farming down part of our Crux interest ahead of development.


"Longtom (a gas project in the Bass Strait) continues to achieve favourable gas sales and surplus cashflows."