Cluff Natural Resources plc Board Change (9645V)
12 April 2019 - 4:00PM
UK Regulatory
TIDMCLNR
RNS Number : 9645V
Cluff Natural Resources plc
12 April 2019
12 April 2019
Cluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector:
Natural Resources
Cluff Natural Resources Plc ('CLNR' or 'the Company')
Board Change
Cluff Natural Resources Plc, the AIM quoted natural resources
investing company, announces that Algy Cluff (78) has informed the
Board of his intention to retire from his role as Chairman
following the conclusion of the Company's next Annual General
Meeting. The Company is delighted to announce that Mark Lappin
(57), a Non-Executive Director of the Company since 2016, will
succeed Algy Cluff as Chairman. Mark Lappin has over 35 years'
experience in the oil and gas industry and, prior to joining the
Company, was a Director in Centrica's Exploration and Production
Company. Mark began his career as a Geologist at Phillips Petroleum
and has held operational and executive roles with ExxonMobil,
Cuadrilla and Dart Energy.
Commenting, Algy Cluff said:
"Since stepping down as CEO last year, the Company's executive
management team, with significant input from Mark, have produced a
tremendous platform for the next stage of activity and growth via
the successful award of six additional licences in the UK's 30th
Licencing Round and delivering a transformational farm-out with
Shell on one, and possibly two of the Company's licences.
As a result of the farm-out with Shell, there is now a clear
transition into a period of intensive oil and gas operations which
will see, inter alia, the acquisition of 3D seismic in the summer
of this year to support an investment decision for the drilling of
at least one and potentially two wells. This is therefore the ideal
time to pass the Chair to Mark whose wealth of operational
experience, particularly in the North Sea, is perfectly suited to
guide the business through this next exciting phase of its
development.
I look forward to seeing our company continue to grow and
prosper while enjoying the opportunity to devote more time to my
other interests including my writing and the launch of a new
charity, The Remembrance Trust."
Commenting, Mark Lappin, said:
"I am delighted to be taking on the role of Chairman of Cluff
Natural Resources as the Company enters the next stage of its
development. I look forward to working with the rest of our
ambitious management team to build on the partnership we have
developed with Shell and further progress the business.
"The recent endorsement of the Company's strategy and geological
focus by Shell provides a strong platform from which to create
further value both from the current portfolio of highly prospective
oil and gas assets and a range of new opportunities to grow the
Company."
Commenting, Cluff's Chief Executive Graham Swindells said:
"On behalf of the Board I wish to express our utmost
appreciation to Algy for his commitment to the Company since its
formation. Algy has had a remarkable career and we are enormously
grateful for his entrepreneurial spirit and advice in guiding the
Company through its early years. We were delighted to recently
announce the farm-out of Licence P2252 and the terms of an
exclusive option with respect to Licence P2437 with a partner of
the standing of Shell. We are excited about continuing to work with
Mark to build on this success and enter the next stage of the
Company's growth as we seek to create further value for
shareholders."
**ENDS**
For further information please contact the following:
Cluff Natural Resources Plc Tel: +44 (0) 20 7887 2630
Algy Cluff / Graham Swindells / Andrew Nunn
Allenby Capital Limited (Nominated Adviser & Broker) Tel: +44 (0) 20 3328 5656
David Hart / Alex Brearley / Asha Chotai (Corporate
Finance)
Camarco
Billy Clegg / James Crothers / Owen Roberts (Financial Tel: +44 (0) 20 3757 4983
PR)
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END
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