Leni Gas & Oil names Steve Horton as Non-Executive Chairman and appoints Iain Patrick and Mike Douglas to Board as Non-Executive Directors

– UK, London – Leni Gas & Oil PLC announces a number of changes to the Board of the Company with immediate effect.

Stephen (Steve) Thomas Horton has been appointed as the Non-Executive Chairman of the Company.  Mr Horton has been a Non-Executive Director of the Company since February 2011 and replaces David Lenigas who has been the Company Chairman since its incorporation in August 2006.

John (Iain) Alexander Patrick has been appointed to the Board of the Company as Non-Executive Director with immediate effect.  Mr Patrick, 57, has extensive experience in the international oil and gas industry. His background is in law, and he currently serves as a Non-Executive Director on the boards of Wessex Exploration Plc and Madagascar Oil Limited. His career has included legal, commercial, and leadership roles in several independent oil companies including Monument Oil and Gas PLC and Gulf Keystone Petroleum (UK) Limited. Mr Patrick will chair the LGO Audit Committee.

Michael Stephen Douglas has also been appointed to the Board of the Company as Non-Executive Director with immediate effect.  Mr Douglas, 59, is Chief Executive and co-founder of The Quo Group Limited, a leading international business consultancy. Quo was founded in 1993 after Mr Douglas left PA Consulting Group’s People Practice, where he had been managing partner. He now works extensively with board and senior teams in major UK and international companies, and in government organisations, in strategy development, stakeholder engagement and leadership development. Mr Douglas will chair the LGO Remuneration Committee.

David Lenigas has retired from the Board of the Company and its committees now that the Company’s development drilling program at Goudron is showing excellent results, and LGO is now becoming a mainstream oil producer. 

Mr Lenigas has been Executive Chairman of the Board since the formation of the Company in August 2006.  Mr Lenigas will continue to advise the Board for a minimum period of twelve months through a consultancy agreement that ensures the Company continues to benefit from his wide experience and knowledge of the London capital markets. 

LGO also announces its expectation that within 6 months it will change the Company name from Leni Gas and Oil plc to LGO plc.

Neil Ritson, LGO Chief Executive, commented: “We are delighted to welcome Iain and Michael to the Board, and to confirm Steve as our Chairman. Iain and Michael bring extensive experience and diverse skills to the Board which will greatly enhance our ability to continue to grow the Company.

It is no exaggeration to say that David Lenigas has made an enormous contribution to the business throughout his tenure, and we wish him all the best with his other business ventures. On behalf of the Board and all the team, I would like to thank David for his contribution and for his unswerving commitment to LGO. I am sure his entrepreneurial spirit will live on in the Company as we seek to continue the growth trajectory of the last year.”

David Lenigas, commented: “The original objective of LGO was to create an oil production company with over 1,000 bopd and the Company is now poised to significantly exceed these original expectations as new wells are drilled and come on to production from the Goudron Field in Trinidad. The recent success of the Company is a source of great satisfaction to me, and indeed should be to all shareholders, and I feel confident that this is an ideal time to hand over the reins to a larger and very experienced Board of Directors who I know will continue to drive the Company’s strategy forward.  I am committed to remaining a substantial shareholder in the Company for the long-term.”

Following these appointments the LGO Board is composed of Steve Horton (Chairman), Iain Patrick, Michael Douglas, Neil Ritson (CEO) and James Thadchanamoorthy (CFO).

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