Petroneft Resources PLC Board Change (8259H)
20 Noviembre 2018 - 1:02AM
UK Regulatory
TIDMPTR
RNS Number : 8259H
Petroneft Resources PLC
20 November 2018
PetroNeft Resources plc
20 November 2018
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Retirement of Chief Executive Officer and
Appointment of Karl Johnson as interim CEO
Dennis Francis, Chief Executive Officer ("CEO") and a founder of
the Company, has informed the Board that he has elected to retire
as CEO following his recent 70(th) birthday. Mr Francis will remain
as a Non-Executive Director in the Company and has agreed to assist
the Company on a consulting basis as required to ensure a smooth
transition for his replacement and to assist in examining options
to maximise shareholder value including the potential disposal of
Licences 61 and 67.
Mr. Francis was a founder of PetroNeft in 2004 and has overseen
its growth from a private Company to a public company listed on the
London AIM and Dublin ESM exchanges. In that time period the
Company has evolved from an explorer to an established production
company employing over 170 people in the Tomsk Region of Russia. In
2016 Mr. Francis received a Certificate of honour from the
Subsurface Management Department for the Tomsk Region (TomskNedra)
for significant contributions to the development of mineral
resources in the Tomsk Region.
The Board has initiated a search for a new CEO to succeed Mr
Francis and has asked Karl Johnson, VP of Operations, to assume the
position of interim CEO with immediate effect.
Dennis Francis, Chief Executive Officer of PetroNeft Resources
plc, commented:
"The decision to retire is bittersweet as much of my life over
the last 14 years has been devoted to developing the Company's
assets in the Tomsk Region. I have a great deal of respect for the
Company's employees and will miss working with them. Despite the
challenges of recent years, I believe that the Company's asset base
retains significant potential for material discoveries and
developments and as a shareholder I will be keenly focussed on
events over the coming years. I would like to thank my colleagues,
Board and shareholders for their support and encouragement
throughout my time and sincerely wish my successor and the Company
well in the future."
G. David Golder, Chairman of the Board, commented:
"Dennis provided the vision, clear focus and hard work needed to
establish and grow our company since its inception. He has guided
us through both the successes and the challenges which are
intrinsic in the oil and gas industry and has earned the respect of
all for his integrity and strong convictions. We wish him and his
family a long and happy retirement."
For further information, contact:
+1 713 988
Dennis Francis, PetroNeft Resources plc 2500
+353 1 647
Paul Dowling, CFO, PetroNeft Resources plc 0280
John Frain/Brian Garrahy, Davy (NOMAD and Joint +353 1 679
Broker) 6363
Henry Fitzgerald-O'Connor, Canaccord Genuity Limited +44 207 523
(Joint Broker) 8000
+353 1 498
Joe Heron / Douglas Keatinge, Murray Consultants 0300
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END
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