BowLeven Plc
20 June 2006
20 June 2006
BowLeven plc ('BowLeven' or 'the Company')
Appointment of Chief Executive Officer and Update on Philip Rhind Report
The Company is pleased to announce the appointment of Kevin Hart as Chief
Executive Officer of BowLeven. It is intended that Kevin will join the Company
during the fourth quarter of 2006 from Cairn Energy plc ('Cairn'), where he is
currently Finance Director.
Kevin, who is aged 37, has been Finance Director at Cairn for over eight years,
a role which incorporates Board responsibility for financial, commercial, legal,
risk management and HR matters. Prior to this Kevin was a senior associate
director with Deutsche Morgan Grenfell Group specialising in oil and gas sector
mergers and acquisitions and is also a non-executive director of Glasgow Income
Trust plc. He holds a B.Sc. Hons in Physics and Natural Philosophy from
Edinburgh University.
Commenting on the appointment Terry Heneaghan, Chairman of BowLeven said: 'I am
delighted to welcome Kevin to our Board. He is well known in both the industry
and the financial community and brings us a wealth of experience in the upstream
oil and gas business. This appointment augments the strong skills and excellent
management already existing at the Company and we look forward to working with
him.'
Kevin Hart said:
'I look forward to helping build BowLeven into a thriving and successful
upstream company. Whilst the challenges of growing an E&P business are
significant, I believe that BowLeven has an excellent combination of high
quality assets and people with which it can succeed.'
The Company would also like to provide an update on the actions taken following
receipt of the report ('the Report') from its former Chief Executive Officer,
Philip Rhind. A full review was carried out by the Company's solicitors,
McClure Naismith, and its auditors, Baker Tilly, and the results reviewed by an
independent director. Following a Board meeting it was determined by the
Company and Noble & Company Limited, the Company's nominated adviser, that there
was no basis for the allegations made in the Report. It was resolved that
neither the Report nor the allegations should be released to shareholders via a
RNS announcement.
For further information please contact:
Kevin Hart 07771 934 974
Mark Froggatt, Noble & Company Limited: 020 7763 2200
Neil Bennett, Maitland: 020 7379 5151
Kevin Hart
In accordance with Schedule 2 (g) of the AIM Rules, the following information in
relation to the appointment of Kevin Hart (age 37) as a director of BowLeven is
disclosed:
Current directorships and partnerships:
Cairn Resources (2002) plc
Cairn Energy Bangladesh Limited
Cairn Energy Management Limited
Cairn Oil Limited
Cairn Energy Hydrocarbons Limited
Cairn Energy Holdings Limited
Cairn Energy North Sea Limited
Cairn Energy Resources Management Limited
Cairn Energy Assets Limited
Cairn Energy Exploration and Production Company Limited
Cairn Energy Search Limited
Cairn Petroleum India Limited
Cairn Energy Discovery Limited
Cairn Energy plc
Cairn Energy Malangawa Limited
Cairn Energy Lumbini Limited
Cairn Energy Karnali Limited
Cairn Energy Nepal Holdings Limited
Cairn Energy Gujarat Block 1 Limited
Cairn Energy Dhangari Limited
Cairn Energy Birganj Limited
Cairn Exploration (No.1) Limited
Cairn Exploration (No.2) Limited
Cairn Exploration (No.4) Limited
Cairn Exploration (No.6) Limited
Cairn Exploration (No.7) Limited
Cairn Resources Limited
G.I.T. Securities Limited
Glasgow Income Trust plc
VFE Partners Limited
Directorships and partnerships held in the past five years:
None
Save for the information disclosed above there is no other information falling
to be disclosed under Schedule 2(g) of the AIM Rules.
This information is provided by RNS
The company news service from the London Stock Exchange
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