Advance Energy PLC CFO Appointment & Board Reorganisation (4536O)
01 Junio 2020 - 01:00AM
UK Regulatory
TIDMADV
RNS Number : 4536O
Advance Energy PLC
01 June 2020
1 June 2020
Advance Energy plc
("Advance" or the "Company")
CFO Appointment & Board Reorganisation
Advance Energy plc (AIM: ADV), the upstream oil and gas company
focussed on building a portfolio of value accretive non-operated
interests in established hydrocarbon projects, is pleased to
announce the appointment of Mr Stephen West as Chief Financial
Officer and Executive Director of the Company Board and the
resignation of Mr Graham Smith as Non-Executive Director with
effect from 1 June 2020. In addition, Mr Ross Warner has stepped
down from his Executive Director position and assumed the role of
Non-Executive Director.
Stephen (aged 47) holds a Bachelor of Commerce (Accounting and
Business Law) and is a highly experienced Fellow Chartered
Accountant (CA ANZ) and CA (ICAEW) with over 26 years of financial
and corporate experience gained in public practice, oil and gas,
mining and investment banking. Stephen has held several senior
positions in oil and gas, and mining companies including most
recently at PetroNor E&P Limited (OSE: PNOR) where he was
Executive Director and Chief Financial Officer until his
resignation in February 2020 after being instrumental in the
successful US$100 million merger of African Petroleum Corporation
Ltd and PetroNor E&P Limited in August 2019 and the subsequent
integration of the two companies. He was also previously a
Non-Executive Director of Apollo Consolidated Limited (ASX: AOP).
He is co-founder and current Non-Executive Chairman of Zeta
Petroleum plc and is also Non-Executive Chairman of TomCo Energy
plc (AIM: TOM). Prior to 2002 Stephen worked in the banking sector
including Barclays Capital London where he managed Global Finance
Projects.
Additional information on Stephen Paul West
The following additional information is provided in accordance
with paragraph (g) of Schedule Two to the AIM Rules for
Companies:
Current directorships/partnerships Past directorships/partnerships
(last 5 years)
TomCo Energy plc European Hydrocarbons Ltd (UK)
Zeta Petroleum plc African Petroleum CI-513 Limited
Oilion Energy Limited African Petroleum Liberia Limited
MFW Resources Limited African Petroleum Drilling Services
Ltd
Cresthaven Investments Pty Ltd European Hydrocarbons SL Limited
29 Filmer Road Management Ltd African Petroleum Guinea Limited
European Hydrocarbons Ghana Ltd
Past directorships/partnerships APCL Gambia B.V.
(last 5 years)
PetroNor E&P Limited Regal Liberia Limited
PetroNor E&P Services Ltd African Petroleum Corporation
Ltd (Cayman)
PetroNor E&P AS African Petroleum Senegal Limited
Auctus Corporation plc European Hydrocarbons Ltd (Cayman)
Silk Road Oil & Gas Ltd African Petroleum Sierra Leone
Ltd
African Petroleum Ltd African Petroleum Cote d'Ivoire
Ltd
Norsve Resources Limited African Petroleum Gambia Ltd
Orana Corporate LLP Incube Investments Pty Ltd
Apollo Consolidated Limited Incube Invest No1 Pty Ltd
African Petroleum Corporation Aspire Minerals Pty Ltd
Ltd (UK)
Stephen holds 3,799,201 shares in the Company. Under the terms
of his appointment, Stephen will be entitled to an amount of
warrants in the Company calculated on a monthly basis by dividing
GBP8,165 by the Company's mid-market price on the date of
determination, being no later than the last day of each month
("Director Warrants"). The Director Warrants will accrue monthly,
be issued on a quarterly basis, have an exercise price of zero,
expire five years from the issue date and vest three months from
the issue date.
There is no other information that is required to be disclosed
pursuant to paragraph (g) of Schedule Two to the AIM Rules for
Companies.
Mark Rollins, Advance's Chairman, commented: "The Board is
pleased to welcome Stephen to the Advance team. Stephen is a highly
experienced and well regarded industry professional, the
appointment of whom enhances and diversifies our overall management
capabilities. In particular, he has deep experience of utilising
capital markets effectively and overseeing value accretive M&A
execution. The Company is at an exciting juncture and we look
forward to capitalising on the growing pipeline of compelling
opportunities that are presenting themselves in the current
climate.
The Advance Board thanks Graham for his tenure as Non-Executive
Director of the Company and note that Graham will continue to be
involved in supporting the Company through his role at FIM Capital,
which provides financial and administrative services to Advance
Energy. "
Enquiries:
Advance Energy plc
Leslie Peterkin (CEO) +44 (0)1624 681 250
Mark Rollins (Chairman)
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish / James Biddle +44 (0) 20 7628 3396
Novum Securities Limited (Joint Broker)
Colin Rowbury +44 (0)20 7399 9427
Optiva Securities Limited (Joint Broker)
Christian Dennis +44 (0)20 3411 1881
For further information, please visit www.advanceplc.com
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014
("MAR").
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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