Independent Oil & Gas PLC Directorate Change (7559K)
18 December 2018 - 6:00PM
UK Regulatory
TIDMIOG
RNS Number : 7559K
Independent Oil & Gas PLC
18 December 2018
18 December 2018
Independent Oil and Gas plc
Directorate Change
Appointment of Fiona MacAulay as Independent Non-Executive
Chair
Independent Oil and Gas plc ("IOG" or "the Company"), (AIM:
IOG.L), the development and production company focused on becoming
a substantial UK gas producer, is pleased to announce the
appointment of Fiona MacAulay as Independent Non-Executive Chair of
the Board with effect from 1 January 2019. Fiona succeeds Mark
Routh, who joined as CEO in 2011 and is currently Non-Executive
Chairman, and who will step down from the Board on the same
date.
Fiona joined the IOG Board in July 2018 as the Senior
Independent Non-Executive Director, bringing extensive industry
expertise to the Company with over 30 years' global experience with
both major and independent oil companies including Mobil, Amerada
Hess and BG. More recently she was COO of Rockhopper Exploration
and until 31 December 2018 is the CEO of Echo Energy. She brings
extensive capital markets, commercial and strategic skills to the
Board in addition to being a Chartered Geologist and European
President of the American Association of Petroleum Geologists.
Fiona is also currently a non-executive director at Coro Energy plc
and will transition to a non-executive role at Echo Energy plc in
January 2019.
The company is also in the process of identifying and appointing
at least one further independent Non-Executive Director, further
details of which will be announced in due course.
Andrew Hockey, CEO of IOG, commented:
"It has been a real pleasure working with Mark, both as Deputy
CEO and as his successor as CEO. Mark guided the Company through
its early growth and was instrumental in the acquisition of the
Thames pipeline and in building up our high-value UK gas portfolio
of over 600 BCF during some very challenging years in the industry.
This will enable us to deliver real value to shareholders in the
years to come. We wish Mark all the best with his future
endeavours.
I am delighted that Fiona will now be stepping up as the next
Chair of the Board. Fiona has a wealth of operational, technical
and commercial industry expertise and is well versed in all aspects
of listed energy company directorship. We look forward to her
active leadership as we progress to project execution on our core
reserves and to adding further value to our Southern North Sea gas
portfolio."
Mark Routh, Chairman of IOG, commented:
"It has been a great pleasure to lead the Board of IOG and I am
proud of the valuable gas business we have built over the past few
years. IOG's portfolio today has an NPV10 of over GBP700 million
and has substantial further value growth potential. My succession
plan has been successfully completed and important senior
management and Board changes made to ensure delivery of shareholder
value in the execution phase. I wish the Company well and look
forward to following IOG's progress in the coming years with much
interest as a long term, supportive shareholder."
Fiona MacAulay, Chair-designate of IOG, commented:
"I am delighted to succeed Mark as Chair of the Board of IOG and
to be working with Andrew and the team as they pursue IOG's
cost-effective proven hub strategy in the UK Southern North Sea.
Mark leaves us very well positioned to execute on our high-value
gas hubs and achieve further growth in the coming years."
Fiona MacAulay will assume the position of Chair of the
Remuneration Committee from the 1 January 2019 and will also chair
the HSE and Technical Committee.
Enquiries:
Independent Oil and Gas plc
Andrew Hockey (CEO)
James Chance (CFO) +44 (0) 20 3879 0510
finnCap Ltd
Christopher Raggett, Anthony Adams
(Corporate Finance)
Camille Gochez
(Corporate Broking) +44 (0) 20 7220 0500
Peel Hunt LLP
Richard Crichton, David McKeown +44 (0) 20 7418 8900
Camarco
Georgia Edmonds, Tom Huddart, Monique
Perks +44 (0) 20 3757 4995
About Independent Oil and Gas:
IOG owns substantial low risk, high value gas reserves in the UK
Southern North Sea. The Company is targeting a 2P peak production
rate of 114 MMCF/d (c. 20,000 Boe/d) from its substantial Core
Project (2P gas Reserves of 302 BCF) via an efficient hub strategy.
In addition to the independently verified 2P reserves, IOG now has
independently verified 2C contingent gas resources of 108 BCF in
Goddard and best estimate unrisked prospective gas resources of 202
BCF in Harvey and Goddard. Alongside this IOG continues to pursue
value accretive acquisitions to generate significant shareholder
returns. All IOG's licences and the Thames Pipeline are owned 100%
and operated by IOG.
About Fiona MacAulay:
Fiona holds a B.Sc. in Geology from London University and an MSc
in Sedimentology from Reading University and has over 30 years of
varied global oil and gas experience developed with both major and
independent oil companies including Mobil, Amerada Hess, BG and
more recently Rockhopper Exploration and Echo Energy. Her initial
training with Mobil being was focused on North Sea Projects in
London, Aberdeen and offshore.
In 2010, Fiona joined Rockhopper and was instrumental in the
exploration and appraisal programme opening the North Falkland
Basin, joining the board of the Company in March 2013 and having
responsibility for the development planning of the Sea Lion
Field.
In her most recent role as CEO of Echo Energy she has built a
Latin American, Exploration led portfolio in Argentina and Bolivia
and will be transitioning to a non-executive position with the
Company in January 2019.
Fiona gained significant capital markets experience both in the
UK and US with Rockhopper and in her most recent role as CEO of
Echo Energy.
She also serves as a non-executive director at Coro Energy
plc.
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END
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