Maslin’s children Mo, Evie and Otis and their grandfather Nick Norris were passengers on Malaysia Airlines flight MH17 when it was shot down over the Eastern Ukraine on Thursday.

Buxton said in the immediate term, its other board members and company officers, led by chairman Seamus Cornelius, would be responsible for the day-to-day operation of the explorer.

Maslin has been MD of Buxton since 2010 and is also a director of Pancontinental Oil & Gas.