CFO Appointment & Board Reorganisation

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 (last 5 years)	APCL Gambia B.V.
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 Ltd (UK)	Aspire Minerals Pty Ltd

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 £8,165 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)  [phone]

Mark Rollins (Chairman)

Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish / James Biddle    [phone]

Novum Securities Limited (Joint Broker)

Colin Rowbury          [phone]

Optiva Securities Limited (Joint Broker)

Christian Dennis        [phone]

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").

 

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