Baron Oil PLC Resignation of Chairman (7831F)
23 February 2018 - 9:04PM
UK Regulatory
TIDMBOIL
RNS Number : 7831F
Baron Oil PLC
23 February 2018
23 February 2018
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
BARON OIL PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
BARON OIL PLC
("Baron" or "the Company")
Resignation of Chairman
Baron Oil PLC (AIM:"BOIL") announces the resignation of Mr
William Colvin as Chairman and a director of the Company with
effect from 28 February 2018. Dr Malcolm Butler will assume the
duties of Chairman in addition to his role as Chief Executive. Mr
Geoff Barnes, Finance Director, has agreed to defer his impending
retirement and remain in this position until such time that the
board is more fully constituted and a suitably qualified finance
professional is able to assume the role of Finance Director. The
board is currently in advanced discussions with an experienced
individual having an oil & gas and corporate finance
background, who would join the Company as a non-executive director
to strengthen the board.
The Company will make a presentation on its operations at the
Proactive Investors Oil Capital Conference in London on 14 March
2018.
Dr Malcolm Butler, Chief Executive of Baron, commented:
"It is with great regret that the board has accepted the
resignation of Bill Colvin as Chairman and director of the Company,
which he has served for over 5 years. Bill shepherded the Company
through the very difficult times following the sudden and
unexpected death of our former Chief Executive. In addition, he had
to deal with a partner that continually refused to honour its full
farm-in obligations on Block Z-34, offshore Peru"
Bill Colvin commented:
"Malcolm and I worked hard over the last two years carrying out
the studies necessary to understand the true potential of our
deep-water Z-34 Block, in spite of our partner's refusal to
cooperate. Following our decision to relinquish without drilling,
we achieved the unusual success of securing the release of the full
$3.6 million held as guarantee of our drilling obligations by the
Peruvian authorities. Now that the Company has funds in place to
enable it to change from concentrating on a single, very expensive,
long lead time, remote play to a new strategy of looking for
near-term drilling opportunities closer to home, with attractive
economics, I feel the time is right for me to move on. I wish
Malcolm and his team every success in their future endeavours."
For further information:
Baron Oil Plc Tel: +44 (0) 1892 838948
Malcolm Butler (CEO)
Cantor Fitzgerald Europe (Nominated Adviser and Broker) Tel: +44 (0) 20 7894 7000
David Porter, Nick Tulloch (Corporate Finance)
Alex Pollen (Corporate Broking)
SP Angel (Joint Broker) Tel: +44 (0)20 7470 0470
Richard Hail / Richard Redmayne
This information is provided by RNS
The company news service from the London Stock Exchange
END
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