25 April 2023
IOG plc
Appointment of Independent Non-Executive Director
IOG plc ("IOG", or "the Company"), (AIM: IOG.L) announces that, following the announcement on 24 February 2023 of the intention to recruit two new directors to strengthen the Board, Les Wood has been appointed as an independent Non-Executive Director of the Company with immediate effect and will become Chair of the Audit Committee in due course.
Les has a 35-year track record of strong financial and operational delivery in independent and integrated energy companies across multiple jurisdictions. As Chief Financial Officer (CFO) and Executive Director at Tullow Oil plc over 2017-22, he was instrumental in delivering material portfolio optimisation, cost management, debt reduction and capital markets activities. Prior to Tullow, Les had a 28-year career at BP plc including, most recently, CFO roles in the Middle East (2012-14) and Canada (2009-12). With a technical background, he previously held several other North Sea-focused technical and commercial roles at BP.
Les Wood's appointment is the culmination of a process undertaken for the Company by a specialist search agency. IOG intends to appoint an additional independent Non-Executive Director once the Blythe H2 production well is onstream.
Esa Ikaheimonen, Senior Independent Director, commented:
"We are delighted to welcome Les to the Board of IOG where his strong financial and technical expertise and deep industry experience gained at BP and Tullow will be extremely valuable. Les was the outstanding choice from a broad range of strong candidates in this process."
The following information is disclosed pursuant to Rule 17 and Schedule Two, paragraph (g) of the AIM Rules for Companies:
George Leslie ("Les") Wood
George Leslie ("Les") Wood (aged 61) has been a director of the following companies during the five years preceding the date of this announcement:
Current Directorships
None
Previous Directorships
Panoro Equatorial Guinea Limited
Planet Oil International Limited
Tullow Argentina Limited
Tullow Comoros Limited
Tullow Congo Limited
Tullow Côte D'Ivoire Exploration Limited
Tullow Côte D'Ivoire Limited
Tullow Cote D'Ivoire Onshore Limited
Tullow EG Exploration Limited
Tullow Gabon Holdings Limited
Tullow Gabon Limited
Tullow Gambia Limited
Tullow Greenland Exploration Limited
Tullow Group Services Limited
Tullow Guinea Limited
Tullow Jamaica Limited
Tullow Madagascar Limited
Tullow Mauritania Limited
Tullow Mozambique Limited
Tullow Namibia Limited
Tullow New Ventures Limited
Tullow Oil (Jersey) Limited
Tullow Oil (Mauritania) Limited
Tullow Oil 100 Limited
Tullow Oil Finance Limited
Tullow Oil Holdings (Guernsey) Limited
Tullow Oil Plc
Tullow Oil SK Limited
Tullow Oil SNS Limited
Tullow Oil SPE Limited
Tullow Peru Limited
Tullow Technologies Limited
Tullow Uganda Midstream Limited
Tullow Uruguay Limited
There is no further information to be disclosed in relation to the director appointment pursuant to Rule 17 and Schedule 2, paragraph (g) of the AIM Rules for Companies.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.
Enquiries:
IOG plc Rupert Newall (CEO) James Chance (Head of Capital Markets & ESG)
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+44 (0) 20 7036 1400 |
finnCap Ltd Christopher Raggett / Simon Hicks
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+44 (0) 20 7220 0500 |
Peel Hunt LLP Richard Crichton / David McKeown |
+44 (0) 20 7418 8900 |
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Vigo Consulting Patrick d'Ancona / Finlay Thomson
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+44 (0) 20 7390 0230 |
About IOG:
IOG is a UK developer and producer of indigenous offshore gas. The Company began producing gas in March 2022 via its offshore and onshore Saturn Banks production infrastructure. In addition to its production assets, IOG operates several UK Southern North Sea licences containing gas discoveries and prospects which, subject to future investment decisions, may be commercialised through the Saturn Banks infrastructure. All its assets are co-owned 50:50 with its joint venture partner CalEnergy Resources (UK) Limited. Further details of its portfolio can be found at www.iog.co.uk .