Venture Production, the oil and gas independent, has started hunting for a new finance director to replace Marie-Louise Clayton, who has decided to leave to develop her career outside the group.

Aberdeen-based Venture said Clayton had given notice of her intention to resign yesterday and was expected to leave by November. As she joined the company in February 2005 her decision will mean she will complete only a relatively short spell in office.

However, chief executive Mike Wagstaff, who swapped the finance director's role for the top job in September 2004, said Venture had made significant progress during her time at the firm. "Marie-Louise has been an integral part of the Venture management team, which has delivered real growth over the last two and a half years," said Wagstaff.

Wagstaff said the board wished Clayton "every success in her career" and looked forward to an orderly transition.

Clayton was employed on a one-year rolling contract, with a six-month notice period. She received salary and fees of £203,800 and share awards worth £303,900 for calendar 2006. That compared with pay of £148,000 and share awards worth £216,800 for 2005.

She was recently awarded 503,200 shares under a long term incentive plan covering performance up to 2006. These were worth around £3.5m yesterday, when shares in Venture Production closed down 2.5p at 691p.

All conditions relating to the award of these have been met.

A total of 142,351 shares awarded to Clayton were subject to conditions which have not yet been met.

A spokesman for Venture confirmed Clayton would not receive any compensation for loss of office.