– UK, London – Independent Oil and Gas plc (AIM:IOG), the development and production focused Oil and Gas Company, is pleased to announce the appointment of David Peattie as Chairman and Andrew Hay as Senior Independent Non-Executive Director, with immediate effect. Andrew succeeds Paul Murray who steps down from the Board as a Non-Executive Director, with immediate effect.
David is a highly experienced oil and gas professional with over 35 years’ industry experience. Most recently, David was CEO of Fairfield Energy, an oil & gas company owned by a syndicate of North American and European private equity investors, led by Riverstone and Warburg Pincus. David began his career at BP in 1979 as a petroleum engineer and during his 33 year tenure at the company held a number of technical, commercial and senior management positions including Head of BP Russia responsible for BP’s interests in TNK-BP as well as its businesses in the Russian Arctic and Sakhalin. In addition, he was BP’s lead Director on the board of TNK-BP.
David has a B.Sc. (Hons.) degree and is a Chartered Engineer and Member of the Institute of Materials, Minerals and Mining.
Andrew brings a wealth of corporate finance and capital markets experience to the Company and is currently a managing director in the corporate finance business of the Edmond de Rothschild Group in London, and a director of Edmond de Rothschild Securities (UK) Limited. Between 1999 and 2014 Andrew ran the corporate finance team at Edmond de Rothschild Securities, specialising in public and private company M&A transactions and capital raising. Prior to this, Andrew held senior positions at both Schroders and ING Barings between 1976 and 1999. Andrew is currently senior independent director at Aminex plc, the London Stock Exchange listed East African focused exploration and production company, and sits on Aminex’s audit and remuneration committees.
Mark Routh, having been interim Chairman of IOG will remain in his role as CEO.
Mark Routh, CEO of IOG commented: “We look forward to welcoming David and Andrew to the Board of Independent Oil and Gas. David brings a deep sector knowledge and strong track record to IOG and his significant oil and gas expertise will be of considerable value to the Company at this important stage in our journey, and in particular with our development and M&A plans.
“Andrew has an extensive track record in corporate finance and capital markets and his current role with Aminex brings broad and current oil & gas experience to IOG. His appointment as Senior Independent Director further strengthens our Company and Board and we look forward to working with him in his new capacity.
“We thank Paul for his valuable contribution and support to the IOG Board over the last two years and we wish him every success in the future.”
David Peattie, Chairman of IOG commented: “I’m delighted to join Independent Oil & Gas as Non-Executive Independent Chairman. I have huge respect for what Mark and his executive team have achieved and look forward to working with the team to deliver the next phase of growth and project development. I would also like to acknowledge the strong financial support London Oil and Gas has provided.
“The Company faces an exciting period of value creating in the UK North Sea where many opportunities exist for the wise investor and reliable partner.”
Skipper Appraisal Well
Drilling of the appraisal well on the Skipper licence, of which IOG is 100% owner and operator, successfully spudded on Saturday 23 July and is continuing on schedule. The Company does not expect to issue any further announcements until the initial well results become available by approximately mid-August.
About Independent Oil and Gas:
IOG is an oil and gas company with established assets in the UK North Sea. The company’s strategy is to deliver near term development and production assets in North West Europe, through its extensive technical and commercial expertise, whilst maintaining some exposure to exploration upside. The company is looking to grow both organically and through acquisition. Following the Blythe acquisition, the Company’s combined estimate of 2P reserves in Blythe and 2C resources in Skipper net to IOG are 40.2 MMBoe.
Upon completion of the Cronx acquisition IOG will have five licences in the North Sea. All of these licences will be owned 100% and operated by IOG.
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