Board Appointments

RNS Number : 9233R

EnQuest PLC

15 December 2016

 

ENQUEST PLC, 15 December 2016

EnQuest PLC Board Appointments

EnQuest announces the appointment of Carl Hughes as a Non-Executive Director. EnQuest further announces that Neil McCulloch is being appointed as Chief Operating Officer and is to join the Board as an Executive Director at the next AGM.  

EnQuest PLC ('EnQuest') is pleased to announce the appointment of Carl Hughes as a Non-Executive Director of the EnQuest Board, with effect from 1 January 2017. On joining the Board, Carl Hughes will take over from Dr Philip Nolan as Chairman of EnQuest's Audit Committee, a position which Phil is occupying on an interim basis, following Jock Lennox being appointed Chairman of the EnQuest Board on 8 September 2016.  Jock Lennox will cease to be a member of the Audit Committee.  Phil will remain as a member of the Audit Committee.  On joining the Board, Carl Hughes will also become a member of the Remuneration Committee and of the Risk Committee.

Carl was previously a vice chairman and senior audit partner at Deloitte, based in London; he was also global leader of Deloitte's energy & resources practice.  He retired from Deloitte in 2015, with nearly 30 years' experience of the oil & gas, mining and utilities industries, focusing principally on the provision of audit, due diligence, transaction support and advisory services. Carl is a trustee and member of council of the Energy Institute.   

EnQuest is also pleased to announce that Neil McCulloch, currently EnQuest's President, North Sea, is being promoted to the group position of Chief Operating Officer.  It is intended that Neil will join the EnQuest Board, as an Executive Director, at EnQuest's 2017 Annual General Meeting ('AGM').  Neil's existing responsibilities for EnQuest's North Sea operations, will expand to include production from Kraken and EnQuest's operations in Malaysia.   

Jock Lennox, Chairman of EnQuest said:

"I am delighted to welcome Carl Hughes to EnQuest as a Non-Executive Director.  Carl has many years of experience in the energy sector and  I look forward to working with him as a member of the Board.

I am also very pleased to congratulate Neil McCulloch, both on his appointment to the role of Chief Operating Officer ('COO') and on being invited to join the Board.  These appointments recognise Neil's success in helping to increase EnQuest's production from a 2013 average of 24,222 Boepd, before he joined us, to 42,520 Boepd in H1 2016."

This announcement is made pursuant to paragraph 9.6.13R of the Listing Rules of the UK Listing Authority ('UKLA').  There are no other disclosures to be made pursuant to the paragraph 9.6.13R (1)-(6) of the Listing Rules.

Ends

For further information please contact:

EnQuest PLC                                                                                                                  Tel: [phone]

Amjad Bseisu (Chief Executive)

Jonathan Swinney (Chief Financial Officer) 

Michael Waring (Head of Communications & Investor Relations)                                                                   

Tulchan Communications                                                                                          Tel: [phone]

Martin Robinson           

Martin Pengelley

This announcement has been determined to contain inside information.

Carl Hughes Biography

Carl Hughes holds an MA in Philosophy, Politics and Economics, is a Fellow of the Institute of Chartered Accountants in England and Wales, and is a Fellow of the Energy Institute. 

Carl joined Arthur Andersen in 1983, qualified as a chartered accountant and became a partner in 1993.  Throughout his professional career he specialised in the oil & gas, mining and utilities sectors, becoming the head of the UK energy and resources industry practice of Andersen in 1999 and subsequently of Deloitte in 2002.  When Carl retired from the partnership of Deloitte in 2015 he was a vice chairman, senior audit partner and leader of the firm's energy and resources business globally.

Carl is a trustee and member of council of the Energy Institute; a member of the development board of St Peter's College, Oxford; a member of the General Synod of the Church of England and the finance committee of the Archbishops' Council; and vice chairman of the board of finance of the Diocese of Southwark.

Neil McCulloch Biography

Neil is a graduate of Cambridge University and Heriot Watt University and holds a Master's degree in Petroleum Engineering. He began his career as a graduate trainee with British Gas E&P and from 1996-2001 worked in a variety of technical consultancy and investment banking roles. He then went on to spend 11 years with BG Group in a range of senior UK and international roles, latterly as vice president & asset general manager, UK Upstream, with accountability for the delivery of BG's UK North Sea business. Neil joined EnQuest in March 2014 from international oil and gas company OMV AG, where he held the global role of senior vice president production & engineering. Neil holds a number of external appointments including operator co-chair of Oil and Gas UK and a board member of the Oil and Gas Innovation Centre.

Notes to editors

EnQuest is the largest UK independent producer in the UK North Sea.  EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm. Its operated assets include the Thistle/Deveron, Heather/ Broom, Dons area, the Greater Kittiwake Area and Alma/Galia, also the Kraken development and the Scolty/Crathes fields; EnQuest also has an interest in the non-operated Alba producing oil field.  At the end of June 2016, EnQuest had interests in 29 UK production licences, covering 41 blocks or part blocks and was the operator of 26 of these licences.

EnQuest believes that the UKCS represents a significant hydrocarbon basin, which continues to benefit from an extensive installed infrastructure base and skilled labour.  EnQuest believes that its assets offer material organic growth opportunities, driven by exploitation of current infrastructure on the UKCS and the development of low risk near field opportunities.

EnQuest is replicating its model in the UKCS by targeting previously underdeveloped assets in a small number of other maturing regions; complementing its operations and utilising its deep skills in the UK North Sea.  In which context, EnQuest has interests in Malaysia where its operated assets include the PM8/Seligi Production Sharing Contract and the Tanjong Baram Risk Services Contract.

Forward looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest's expectation and plans, strategy, management's objectives, future performance, production, reserves, costs, revenues and other trend information.  These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future.  There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts.   The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment.  Nothing in this presentation should be construed as a profit forecast.  Past share performance cannot be relied on as a guide to future performance.

 

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