TIDMNUOG
RNS Number : 9386N
Nu-Oil and Gas PLC
24 January 2019
24 January 2019
Nu-Oil and Gas plc
("Nu-Oil" or "the Company")
Changes to the Board
Highlights
-- Appointment of Graham Scotton as a Director and Executive
Chairman of the Company (with effect 28 January 2019) and as Deputy
Chairman of Marginal Field Development Company ("MFDevCo");
-- Alan Minty is stepping down from the post of Executive
Chairman and as a Director of the Company and retains his
Chairmanship of MFDevCo;
-- Appointment of Dr. Alison Pegram to the Board as Joint Managing Director;
-- Appointment of Damian Minty, who retains his role as CFO, as Joint Managing Director;
-- Nigel Burton is stepping down as CEO and as a Director of the Company;
-- Appointment of Frank Jackson as Acting Chairman until Graham
Scotton takes up his position.
The Company is pleased to announce the appointment of Graham
Scotton as Executive Chairman of the Company and as Deputy Chairman
of MFDevCo, the Company's 50%-owned joint venture, with effect from
28 January 2019. Graham will replace Alan Minty, who has stepped
down from the role of Executive Chairman and as a Director of the
Company with immediate effect. Frank Jackson has been appointed as
Acting Chairman until Graham takes up his position.
Graham has wide-ranging experience in technical, operational,
planning, commercial and management roles, having worked for BP for
over 30 years during which he spent time in the UK, Norway and
Latin America before spells as head of operations in Azerbaijan and
the Americas and general manager in Egypt and Angola. After leaving
BP, Graham worked as Deputy Venture Director of Karachaganak
Petroleum in Kazakhstan on behalf of BG Group and as Country
Manager for Cobalt International Energy in Angola, before joining
Dana Petroleum as COO and subsequently as Acting CEO.
In addition, Dr Alison Pegram, the current Managing Director
("MD") of MFDevCo, is appointed as a Director of the Company, with
effect from 28 January 2019. As well as fulfilling the role of MD
of MFDevCo since its inception, Alison has a detailed understanding
of the Company's other assets and activities, having worked with
the oil and gas industry in Newfoundland for over 20 years and as
CEO of Enegi Oil Inc., the Company's Canadian subsidiary, for the
last 8 years, a role which she will continue to undertake.
As part of this Board and management restructuring and to ensure
greater integration of the business, Dr Alison Pegram and Damian
Minty have been appointed as Joint Managing Directors of the
Company with effect from 28 January 2019; Damian Minty will retain
his responsibilities as CFO. Alison and Damian will work closely
together, and with the wider Board, in implementing the Company's
strategy to acquire a portfolio of field or royalty interests in
oil and gas projects worldwide where it feels it can deliver a
significant cost transformation through the application of
appropriate technical solutions and commercial structures.
As part of the management restructuring, the Company also
announces that Nigel Burton will be stepping down as CEO with
immediate effect. Alan Minty and Nigel Burton will no longer seek
re-election to the Board, accordingly Ordinary Resolutions 4 and 5
will no longer be presented at the Company's AGM on 25 January
2019.
The Company has been planning Board and management changes for a
number of months with the aim of creating the right leadership
structure that possesses the appropriate skill set to successfully
deliver the next stage of its development. Alan Minty and Nigel
Burton were involved in those plans and have stepped down to
facilitate those changes.
The Board of MFDevCo now consists of Alan Minty as Chairman,
Graham Scotton, Dr. Alison Pegram, Mike Bowman, Einar Antonsen and
Peter Coward.
Commenting on his appointment, Graham said: "I am delighted to
join the Boards of NU-Oil & Gas and MFDevCo. These companies
and their management have worked creatively and hard for a number
of years to position themselves at the forefront of marginal
developments in upstream oil and gas, aiming to bring new skills
and different approaches, both financial and technical, to making
them work. I look forward to helping the Company achieve commercial
success with this approach."
Commenting on the appointment of Graham Scotton to the Board,
Alan Minty, Nu-Oil's outgoing Executive Chairman, said: "I am
delighted that Graham has agreed to join the Company as Executive
Chairman and joins me on the board of MFDevCo. It takes time to
identify the right person to take on a role like this and to ensure
that the vision and progress to date will be taken forward in a way
that maximises success. Graham brings a wealth of experience and in
particular a depth of understanding of practical and operational
issues that will be essential as the Company moves forward into the
next phase of its development. I believe that the new structure,
and the greater breadth of experience in the core management team,
leaves the Company well positioned to build on the work done to
date and facilitate that transition."
Frank Jackson, Acting Chairman, commented: "I would like to
thank Alan for his outstanding contribution. The Company's strategy
has been built around Alan's ideas and entrepreneurial endeavour,
on which future growth will be built. I am pleased that Alan will
provide support to ensure Graham's successful integration into his
new role at Nu-Oil and, as Chairman of MFDevCo, will continue to be
a part of the marginal field initiative. I would like to take this
opportunity to wish Nigel the best of luck in his future
endeavours."
Nigel Burton said: "It is the right time to depart from Nu-Oil
to hand over to a new team that is committed to delivering projects
under the MFDevCo initiative."
Further information on Mr Scotton and Dr Pegram, as required by
AIM Rule 17 and Schedule Two, paragraph (g), to the AIM Rules for
Companies is as follows:
Graham Scotton, aged 63, is, or has been, a director or partner
of the following companies or partnerships during the past five
years:
Current directorships and/or partnerships Former directorships and/or partnerships
(within the last five years)
Channel Energy Consultants Ltd. Absheron Limited
Proteus Maritime Partners Limited Bittern and Triton (UK) Limited
Dana Petroleum (BVUK) Limited
Dana Petroleum (E&P) Limited
Dana Petroleum (Holdings) B.V.
Dana Petroleum (International
Holdings) Limited
Dana Petroleum (North Sea) Limited
Dana Petroleum Denmark B.V.
Dana Petroleum Germany B.V.
Dana Petroleum Limited
Dana Petroleum Manzala B.V.
Dana Petroleum Netherlands NL
B.V.
Dana Petroleum Norway A.S.
Dr Alison Pegram, aged 48, is, or has been, a director or
partner of the following companies or partnerships during the past
five years:
Current directorships and/or partnerships Former directorships and/or partnerships
(within the last five years)
MFDevCo Facilities (China) Ltd. MFD Investments Ltd.
MFDevCo Holdings (Brazil) Ltd.
Marginal Field Development Company
(MFDEVCO) Ltd.
RMRI Ltd.
RMRI Management LLP
Enegi Oil Inc.
Neither Dr Pegram or Mr Scotton hold any interest over the
Company's ordinary shares.
Enquiries
Nu-Oil and Gas plc
Simon Bygrave Tel: +44 (0)161 817 7460
Investor Relations & Communications
Strand Hanson Limited Tel: +44 (0)20 7409 3494
Rory Murphy/Ritchie Balmer/Jack
Botros
Novum Securities Limited Tel: +44 (0)20 7399 9425
Jon Bellis
Disclaimer
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
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END
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