Simon Bragg is to be appointed as Non-Executive Chairman, succeeding Kevin Watts who is to step down as Chairman of the Company with effect from 1 May 2014.
Simon co-founded Oriel Securities Limited, a leading UK corporate and institutional broker, in 2002 and is currently its Chief Executive. Having qualified as a Chartered Accountant at KPMG he then worked at Hoare Govett Limited, Cargill Financial Markets plc and HSBC Investment Bank plc before co-founding Oriel Securities Limited. He has played a leading role in numerous IPOs and other fundraising transactions in the oil and gas sector during his City career to date.
Additionally, Miles Newman and Martin David have both informed the Board that they do not intend to seek re-election to the Board at the Company’s forthcoming Annual General Meeting and accordingly will step down at that point. Martin will continue to be responsible for the Company’s technical department and will become Managing Director of Trap Oil Limited, the Company’s main North Sea operating company, whilst Miles is leaving the Company to pursue other opportunities.
Mark Groves Gidney, founder and CEO of Trapoil commented: “The Board would like to express its sincere gratitude to Kevin for his expert guidance and wise counsel over the last three years. We are also grateful to Miles for his contribution to the business and his technical guidance. The Board wishes both Kevin and Miles every success in their future endeavors.
“We are delighted to welcome Simon to the Board as Chairman at this key point in the Company’s evolution. His extensive experience of capital markets and his in-depth knowledge of the oil & gas sector will be of great value as we take the business forward. Simon will preside over a streamlined board in keeping with the Company’s future strategic direction.”
Simon Bragg, Chairman designate, commented: “I am delighted to be appointed as Chairman of Trapoil. The E&P sector, particularly that part operating in the UK North Sea, has encountered challenging conditions in recent times. I have been impressed with Trapoil’s team, with their strong technical skills and positive entrepreneurial spirit. I believe that this team, combined with the Company’s existing portfolio and cash resources, will enable Trapoil to overcome the current market malaise and create future value for shareholders.”
About Trap Oil Group plc
The Trapoil Group was created in 2008 by a team of experienced industry executives with a broad range of oil and gas technical, operational and financial expertise and professional skills.
Trapoil has developed long term relationships with key oil industry partners and major suppliers and consultants including CGG Services (UK) Limited (“CGG”) and Applied Drilling Technology International.
The Company utilises a research-led, knowledge-based approach to identify and deliver promising exploration and appraisal opportunities, and to this end has secured extensive long-term access to CGG’s state of the art 3D seismic database over the majority of the Central North Sea area on negotiated terms. CGG is a leading pure-play geophysical services and equipment provider. Access to such 3D seismic data serves to strengthen the Group’s ability to create opportunities on both open and held acreage in the UKCS.
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