Petroneft Resources PLC Selection of New CEO (6841M)
10 Enero 2019 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 6841M
Petroneft Resources PLC
10 January 2019
PetroNeft Resources plc
10 January 2019
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Selection of New Chief Executive Officer
PetroNeft (AIM: PTR) an oil & gas exploration and production
company, operating in the Tomsk Oblast, Russian Federation, and 50%
owner and operator of Licences 61 and 67, is pleased to announce
the selection and appointment of a new Chief Executive Officer
("CEO").
Mr. David Sturt, who has been a Non-Executive Director of the
Company since 2016 will become CEO with effect from 25 March 2019.
In the meantime, Karl Johnson, VP of Operations, will continue as
Interim CEO.
David has over 35 years of international experience in the
upstream oil and gas industry gained working on projects in Europe,
CIS, Africa, South America and SE Asia. Since 2012 David has been a
Senior Vice President with Azimuth Limited, he is currently also a
Non-Executive director of Petrosibir AB, a Swedish company with oil
and gas interests in Russia. During 2011-2012, David served as a
Deputy Board Chairman and Head of Upstream for Ukrnafta, the
largest oil company in Ukraine. Before this he was a founding
shareholder of VistaTex Energy which was an oil and gas production
company with producing assets across onshore US. The company was
successfully sold in 2014 to Dome Energy. David was also the
founding CEO and later COO of Kausar Oil and Gas (later Exillon
Energy). Before this he worked as Director of G&G for
Petrokazkhstan which was sold to CNPCC in 2005 and also previously
held positions with Hess, Sun Oil, ConocoPhillips and Dragon
Oil.
David holds a BSc honours degree in Earth Sciences from Kingston
University, an MSc degree in Exploration Geophysics from Leeds
University, and a postgraduate diploma in business administration
from Herriott Watt University.
David will continue the work commenced in 2018 whereby the
Company has engaged financial advisers in Russia to test the market
and gauge appetite for a potential sale of Licences 61 and/or 67 in
order to return value to shareholders. In the event of such a sale,
David will be entitled to receive share options up to a total
potential amount of $100,000 with the strike price and number of
options calculated based on the Company's share option scheme.
G. David Golder, Chairman of the Board, commented:
"I am delighted that David has agreed to take up the position of
CEO and am confident that he can bring a successful conclusion to
our efforts to realise increased value to shareholders."
David Sturt, Incoming Chief Executive Officer of PetroNeft
Resources plc, commented:
"I am very excited to be taking up the CEO position at PetroNeft
during a crucial time in the Company's history."
For further information, contact:
Karl Johnson, Interim CEO, PetroNeft Resources +1 713 988
plc 2500
David Sturt, Incoming CEO, PetroNeft Resources +353 1 647
plc 0280
+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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January 10, 2019 02:00 ET (07:00 GMT)
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