LGO Energy PLC Directorate Change (7307T)
10 January 2017 - 6:00PM
UK Regulatory
TIDMLGO
RNS Number : 7307T
LGO Energy PLC
10 January 2017
For Immediate Release, embargoed until 7 am
10 January 2017
LGO ENERGY PLC
("LGO" or the "Company")
Board Changes
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.
Enquiries:
LGO Energy plc +44 (0) 203 794 9230
Neil Ritson
Fergus Jenkins
Beaumont Cornish Limited +44 (0) 20 7628 3396
Nomad
Roland Cornish
Rosalind Hill Abrahams
FirstEnergy Capital LLP +44 (0) 20 7448 0200
Joint Broker
Jonathan Wright
David van Erp
Bell Pottinger +44 (0) 20 3772 2500
Financial PR
Henry Lerwill
The information included below is required under Schedule Two
Part (g) of the AIM Rules for Companies:
Gordon Bowman Stein (aged 57)
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.
Gordon Stein owns 308,970 ordinary shares of 0.05p in the
Company, representing a holding of 0.004%.
Current: Past (within the last 5
years):
Kaleo Manufacturing Limited VE Resources Limited
Kaleo Limited The British Handball Association
Kaleo Technology Limited Seamwell International Limited
Ajax Oil & Gas Ltd Madagascar Oil Ltd
Bookham Energy Services Madagascar Oil S.A.
Ltd
Madagascar Oil (UK) Limited
Kaezen Limited
The Company advises that Mr Stein was a director of Acorn North
Sea Limited which went into voluntary administration in June 2005
until June 2006, when it was acquired by one of its parent
company's investors in agreement with the creditors. The formal
report of the administrator found no fault with the actions taken
by the directors. There are no other items to disclose.
There is no further information to be disclosed pursuant to
Schedule Two Part (g) of the AIM Rules for Companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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