Sterling Energy PLC Major Shareholding Changes & Board Appointments (6479P)
19 February 2021 - 4:34AM
UK Regulatory
TIDMSEY
RNS Number : 6479P
Sterling Energy PLC
18 February 2021
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18 February 2021
S terling Energy p lc
Changes in major shareholdings
Board appointments
Sterling Energy plc ('Sterling' or the 'Company') an upstream
oil and gas company listed on the AIM market of the London Stock
Exchange (Ticker Symbol: SEY) announces that the Company has been
informed that that Waterford Finance & Investment Limited and
Mistyvale Limited have agreed to sell their shareholdings in the
Company (representing 29.23% and 15.66% of the issued share capital
respectively).
The Company also confirm that it has provisionally agreed to
appoint Paul McDade, the former CEO of Tullow Oil plc, and Ian
Cloke, the former EVP at Tullow Oil plc, as executive directors of
the Company. Paul and Ian have extensive experience and knowledge
of identifying and developing oil and gas assets in West Africa and
intend to refocus the Company's strategy on producing assets in
this region.
Change in major shareholders
The Company has been advised that Waterford Finance &
Investment Limited ("Waterford") has agreed to sell 64,315,517
ordinary shares in the Company (equating to its entire 29.23%
shareholding in the Company) and that Mistyvale Limited
("Mistyvale") has agreed to sell 34,467,790 ordinary shares in the
Company (equating to its entire 15.66% shareholding in the
Company).
The Company and Waterford were parties to a Relationship
Agreement dated 10 June 2016 which governed the appointment of Mr.
Michael Kroupeev to the Board in May 2016. Following the sale of
Waterford's ordinary shares in the Company as set out above, the
Relationship Agreement has automatically terminated.
The Company understands that a number of institutional and high
net worth investors have agreed to purchase the shares being sold
by Waterford and Mistyvale. Following the sale, neither Waterford
nor Mistyvale will hold any interest in any ordinary shares in the
Company.
New directors
Paul McDade : A Petroleum engineer who has over 35 years'
experience in the oil & gas industry gaining broad operational,
commercial and management experience in the North Sea, Latin
America and Africa. He joined Tullow Oil in 2001 and was a one of
the Executive team who built Tullow Oil to be Africa's leading
independent oil & gas company, initially as COO and latterly as
CEO, before retiring from this role in December 2019.
Ian Cloke : A Geoscientist who has over 25 years' experience in
the oil and gas industry gaining broad, technical, operational,
commercial and management experience in Africa, North & South
America, the North Sea and South East Asia. He joined Tullow Oil in
2005 after 10 years at ExxonMobil and built operated businesses
across the group as a key member of the leadership team and
latterly as EVP New Ventures Business, before leaving in September
2020.
The appointments of Paul McDade and Ian Cloke as directors
remain subject to formally confirming shareholder opinions,
pre-appointment due diligence and the approval of the Company's
nominated adviser. A further announcement will be made in due
course.
Company update
As at 30 November 2020, the Company had cash reserves of $42.9
million (unaudited), with expenditure in the ordinary course of
business since 30 November 2020.
The Company's CEO, Mr. Tony Hawkins, said:
"I'd like to recognise the contributions of Waterford and
Mistyvale to the stability of the Company over a number of years.
Waterford and Mistyvale have been cornerstone investors in the
Company since 2009, when they helped re-capitalise the Company so
that it could drill exciting exploration wells in Kurdistan and
Cameroon, manage and cleanly exit its joint ventures in Madagascar
and Mauritania (including the Chinguetti oil field) and enter into
a fully funded carry for the Odewayne block in Somaliland.
We look forward to working with our new shareholders and our
existing shareholders to reconstitute the Board and move forward
with a refreshed strategy for the business. We will update the
market as to each of these items in due course. "
For furth er information c ontact:
Ticker Symbol: SEY
S terling Energy p lc + 44 (0)20 7405 4133
www.ster li n g ener g y p l c.com
Tony Hawkins, CEO
Leo Koot, Senior Independent Director
Peel Hunt LLP (Nominated Adviser) +44 (0)20 7418 8900
Richard Crichton
David McKeown
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