– UK, London – EnQuest PLC (LSE:ENQ) announces that after over six years in the role, Dr James (‘Jim’) Buckee (70) is retiring as Chairman of the Company, with effect on the publication of EnQuest’s half year results today, 8 September 2016.
The Board would like to thank Jim Buckee for his important contribution to the Company since its inception. During his tenure, EnQuest has grown reserves and production of 80.5 MMboe and 13,613 Boepd respectively at the start, to reserves of 216 MMboe at the beginning of 2016 and to production of 42,520 Boepd in the first half of this year.
EnQuest is pleased to announce that Mr John (‘Jock’) Lennox, currently an EnQuest Non-Executive Director, will, also with immediate effect, become Chairman of the EnQuest Board.
Jim Buckee said: “Despite the challenges of the oil price environment in recent years, EnQuest started 2016 with a net 2P reserve base of 216 MMboe, an excellent net 167% increase since EnQuest’s formation just over six years ago, equating to 18% growth per annum, with the substantial established potential reserves life of 18 years.
I am delighted that Jock Lennox will succeed me as Chairman of the Company. It is good news that as EnQuest progresses through the challenges and opportunities the current climate is presenting to the industry, that it will be chaired by a businessman with Jock’s breadth and depth of experience, both in the UK and internationally.”
Jock Lennox said: “EnQuest has a very strong team of people and an asset base which has material growth potential. Operationally EnQuest has been working hard and is performing well in addressing the challenges of the prevailing level of oil prices. It has the high efficiency and low cost capabilities required to cope with these macro conditions and even modest increases in oil prices would have a significant positive impact on future cash flows and growth. Currently, EnQuest’s priority continues to be to to deliver a business and a balance sheet which are robust in this environment and I am very pleased to be becoming Chairman at this important time in the Company’s development.”
Also with immediate effect, Jock Lennox replaces Jim Buckee as Chairman of the Nomination Committee and Jock Lennox stands down as Chairman of the Audit Committee and as a member of the Risk Committee; Jock Lennox continues as a member of the Audit Committee. EnQuest Non-Executive Director Dr Philip Nolan takes over as Chairman of the Audit Committee on an interim basis and also becomes a member of the Risk Committee.
EnQuest Chief Executive, Amjad Bseisu said: “On behalf of the Board and the management team, I thank Jim for his guidance and wise counsel over the past six years and personally I am particularly appreciative for his support to me as Chief Executive. Jim has been an important part of the growth of EnQuest in providing a unique depth and breadth of knowledge. I will personally miss him on the Board. I very much welcome Jock as Chairman, his experience of a wide range of businesses and boardrooms will prove invaluable in this role.
EnQuest is the largest UK independent producer in the UK North Sea. EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm. Its operated assets include the Thistle/Deveron, Heather/ Broom, Dons area, the Greater Kittiwake Area and Alma/Galia, also the Kraken and the Scolty/Crathes developments; EnQuest also has an interest in the non-operated Alba producing oil field. At the end of June 2016, EnQuest had interests in 29 UK production licences, covering 41 blocks or part blocks and was the operator of 26 of these licences.
EnQuest believes that the UKCS represents a significant hydrocarbon basin, which continues to benefit from an extensive installed infrastructure base and skilled labour. EnQuest believes that its assets offer material organic growth opportunities, driven by exploitation of current infrastructure on the UKCS and the development of low risk near field opportunities.
EnQuest is replicating its model in the UKCS by targeting previously underdeveloped assets in a small number of other maturing regions; complementing its operations and utilising its deep skills in the UK North Sea. In which context, EnQuest has interests in Malaysia where its operated assets include the PM8/Seligi Production Sharing Contract and the Tanjong Baram Risk Services Contract.
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