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RICHARD Cottee says he resigned as chief executive of
troubled oil and gas play Nexus Energy because he refused to take responsibility for a board decision.

Shares in Nexus plunged 52 per cent to 12c yesterday after the company said Mr Cottee would "cease employment, effective immediately".

"I was refusing to take responsibility for a decision the board had excluded me from," Mr Cottee told The Australian.

He would not give any details of the board decision, which has not been made public.

Nexus shares have been under pressure for months amid mounting concerns about the company's ability to deliver its Crux project, off northern Australia.

Chairman Michael Fowler and director Ian Boserio will act as executive directors until a new chief executive is found, and will work alongside chief operating officer Michael Maloney and other executives.