Appointment of New CEO

RNS Number : 2707H

Alkane Energy PLC

03 November 2008

 



For immediate release

3 November 2008

Alkane Energy plc 

('Alkane', 'the Group' or 'the Company')

Directorate Change

Alkane appoints Neil O'Brien as CEO

Alkane Energy plc, (AIM: ALK) the profitable alternative energy company that operates environmentally friendly power generation plants using coal mine methane ('CMM') as fuel is pleased to announce the appointment of Neil Christopher O'Brien as CEO replacing Dr. Cameron Davies who will remain on the Board as Business Development Director.  This forms the first phase of the planned succession management process outlined in the last annual report and accounts. 

Neil (aged 45) joins Alkane from Speedy Hire plc where he held the role of Finance Director from 1999 to 2007. Prior to Speedy Hire he held Board and Senior Management roles at Avonside plc, Aggregate Industries and Blue Circle.  He trained as an accountant with Coopers and Lybrand between 1985 and 1988. He was instrumental in growing turnover at Speedy Hire from around £100m when he joined to over £450m both through organic growth and targeted mergers and acquisitions, increasing market capitalisation by several fold in the process.  Under the AIM rules, there are no further disclosures relating to current or former directorships.

Since coming to market in 2000, Alkane has developed over 20MW of gas supply and electricity generation capacity from its portfolio of petroleum licences in the UK and Germany. Alkane's onshore gas reserves are highly cost competitive and their use for power generation additionally mitigates emissions of methane, a significant contributor to global warming. 

Commenting on the Board changes, John Lander, Alkane's Chairman said:

'We very much welcome Neil to the Company at a time when the ground work for achieving a profitable future for Alkane has been firmly laid by Cameron and his team. Neil's blend of ability and business experience makes him ideally suited to drive the Company forward into a new phase of growth.  I am also pleased that Cameron will stay on the Board to contribute his broad knowledge of CMM and the alternative  energy industry. ' 

Commenting on the appointment Neil O'Brien said:

'Alkane Energy has developed a focussed business developing cash generative projects in a rapidly growing area of the energy mix and these are fundamental drivers for a solid investment case.  I plan to continue the excellent work done by the management team over the past few years and to lead the Company into a new period of expansion.'

Dr. Cameron Davies, added:

'I am delighted that Neil has accepted the role of CEO and look forward to working alongside him.  Our strategy will continue to be built on the provision of secure energy supplies to consumers in the UK, while at the same time making a positive contribution to combating climate change.'

For more information please contact:

Alkane Energy plc Neil O'Brien, Chief Executive Officer Steve Goalby, Finance Director	Tel: [phone]
Brewin Dolphin Investment Banking Andrew Emmott	Tel: [phone]
Buchanan Communications Ben Willey, Partner Miranda Higham, Associate	Tel: [phone] (Today)

 

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