– UK, London – LGO (AIM:LGO), today announces a number of changes to the Board of the Company with immediate effect.
Stephen (“Steve”) Thomas Horton has retired from the Board of the Company and its committees with immediate effect. Steve leaves to pursue other interests after serving as a director of LGO for the past six years.
Neil Ritson, the Company’s Chief Executive Officer, will assume the role of Chairman in addition to his duties as CEO.
In related news, the Company has appointed Gordon B. Stein as a non-executive director with immediate effect. It is expected that Gordon will become the chairman of the Company’s Audit Committee and a member of the Company’s Remuneration Committee.
Neil Ritson, LGO’s Executive Chairman, commented: “We would like to thank Steve for his contribution as a non-executive since 2011 and as chairman for the last two and a half years, and to wish him well with his various future endeavours. We would also like to welcome Gordon who brings a wealth of relevant experience as a former finance director and chief financial officer of various listed and private junior oil and gas companies.”
“Having recently completed the refinancing of the business and settled with major creditors, and as we prepare for the start-up of low cost development drilling at the Goudron Field, we believe these Board changes will further help to position the Company for the future.”
Following these changes the Board of Directors of LGO Energy plc will be composed of: Neil Ritson, Executive Chairman and Chief Executive Officer, Fergus Jenkins, Chief Operating Officer, James Thadchanamoorthy, Finance Director, Michael Douglas, Senior Independent Non-executive Director and Gordon Stein, Independent Non-executive Director.
About Gordon Bowman Stein
Gordon Stein is a member of the Chartered Institute of Public Finance & Accountancy and was the CFO of AIM-traded Madagascar Oil Limited from June 2013 to October 2016. Mr Stein was previously CFO at Cadogan Petroleum plc which is an independent oil and gas exploration, development and production company with onshore gas and condensate assets in Ukraine. Preceding this, he has been CFO at Vanguard Energy Limited and Regal Petroleum plc. He has also held senior financial and operational management positions in Fairfield Energy Limited, Acorn Oil and Gas Limited, LASMO PLC, Monument Oil & Gas plc, Centrica plc and BG pc. Mr Stein has over 23 years’ experience in the upstream oil and gas sector in the UK and internationally, including Ukraine, Tunisia, Venezuela, Algeria and Turkmenistan.
For more information : http://www.lenigasandoil.com
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