Petroneft Resources PLC Retirement of Chairman & Appt. of NonExec Chairman (8140P)
22 Febrero 2021 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 8140P
Petroneft Resources PLC
22 February 2021
PetroNeft Resources plc
22(nd) February 2021
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Retirement of Chairman and
Appointment of Alastair McBain as Non-Executive Chairman
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, announces that David
Golder has, after 15 years' service to the company, decided to
retire from the Board with immediate effect.
The Board has unanimously elected Alastair McBain, who joined
the board on 29(th) January 2021, as Non-Executive Chairman of the
Company.
Alastair has had a highly successful 37 year career in the
international oil and gas industry. Initially working for 17 years
at Royal Dutch Shell in numerous senior international commercial
positions. He joined the Vitol group in 1995 to head up the growth
of the group's portfolio of upstream assets and became CEO of
Arawak Energy in 2002. Alastair grew the company from an initial
$20M valuation with zero production to a $0.5Bn company producing
12,000 boepd from assets in Kazakhstan, Russia and Azerbaijan. He
also oversaw the migration of the company from a junior listing on
the Toronto exchange to a full listing on the London Stock
Exchange. Following Arawak's acquisition by Vitoil, he worked with
Vitol in a variety of senior positions including board Chairman of
GeoAlliance, one of Ukraine's leading independent producers of
natural gas and gas liquids.
He left Vitol in early 2020 to form Sarum Energy, a company
which, having acquired a 50% interest in Licence 67, is currently
completing the sale of a 40% interest to PetroNeft. He holds an MA
in Oriental Studies from the University of Oxford and in addition
to his native English, is also a fluent Mandarin speaker.
David Golder, Former Non Executive Chairman commented:
"I have been contemplating retirement for a while but wanted to
wait until the right time. Alastair's appointment to the board
allowed me to take the decision. His skill sets including his
experience in growing Arawak into valuable E&P company in the
same region, culminating in a highly successful monetization of the
company's producing assets, will be a tremendous asset to PetroNeft
as they seek to execute the strategy of building shareholder value
through growth in production and cashflow.
I am delighted that he has accepted the invitation to become
Chairman of the Board. I retire at an exciting time in the
company's development and am confident that I am leaving the
company in good hands"
Alastair McBain, Non Executive Chairman commented:
"Over the last 12 years, I have built a strong understanding of
PetroNeft, its assets and its strategy. The company has excellent
assets, strong local management and expertise and an intelligent
strategy to utilize both in the interests of shareholders. Licence
61 and 67 offer an outstanding range of low risk, low capital
development, appraisal and exploration opportunities.
I am honored and excited to become Chairman. I look forward to
working with the rest of the board and management team to deliver
the tremendous upside opportunity that is the Petroneft proposition
for shareholders.
Finally, I would like to thank David Golder who has provided
excellent service to the company, driving through the initial
development and more recently guiding it through very challenging
times. I wish him well in his retirement."
For further information, contact:
+971 55 1919
David Sturt, CEO, PetroNeft Resources plc 808
+353 1 679
John Frain/Caroline Pearson, Davy (NOMAD and Broker) 6363
+353 1 498
Joe Heron / Douglas Keatinge, Murray Consultants 0300
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END
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