Appointment of Senior Independent NED

RNS Number : 8124S

Independent Oil & Gas PLC

14 March 2019

 

14 March 2019

Independent Oil and Gas plc

Appointment of Senior Independent Non-Executive Director

Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production company focused on becoming a substantial UK gas producer, is pleased to announce the appointment of Esa Ikaheimonen to the Board of IOG as Senior Independent Non-Executive Director, effective immediately.

Mr. Ikaheimonen's appointment is the culmination of an external search process undertaken by an independent executive search agency on behalf of the Company.

Esa has over 25 years of oil and gas industry experience and strong board level expertise. He is currently the CFO of London listed E&P company Genel Energy PLC and a Non-Executive Chairman of Lamor Corporation, a leading environmental service company. Mr. Ikaheimonen's previous non-executive experience includes roles at Ahlstrom Corporation, global supplier of fibre-based products, and at Vantage Drilling International, a major offshore drilling contractor.

Previously, in addition to these non-executive roles, Esa was Executive Vice President and CFO of Transocean, the world's largest offshore drilling company. Prior to Transocean, Esa enjoyed a 20 year career at Royal Dutch Shell, culminating in the role of Vice President Finance for Shell Africa E&P.

He holds a Masters Degree in Law from the University of Turku, specialising in tax law and tax planning.

As Senior Independent Non-Executive Director Mr. Ikaheimonen will chair the Company's Audit Committee and serve on the Remuneration and Nominations committee.  

Fiona MacAulay, Independent Non-Executive Chair, IOG commented:

"We are extremely pleased to welcome Esa to the IOG Board of Directors. His financial expertise and substantial oil and gas industry experience will be invaluable to the Company as we execute the funding of our high-value gas hubs and achieve further growth in the coming years."

ENDS

The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies:

Esa Ikaheimonen

Esa Ikaheimonen (aged 55) has been a director of the following companies during the five years preceding the date of this announcement: -

Current directorships

Genel Energy Africa Exploration Limited

Genel Energy Miran Mina Bawi Limited

Genel Energy Qara Dagh Limited

Genel Energy Sarta Limited

Genel Energy UK Services Limited

Lamor Corporation Ltd

Previous directorships

Ahlstrom Corporation plc

Transocean Partners LLP

Vantage Drilling International

There is no further information to be disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies.

Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries:

Independent Oil and Gas plc Andrew Hockey (CEO) James Chance (CFO)	[phone]
finnCap Ltd Christopher Raggett, Anthony Adams (Corporate Finance) Camille Gochez (Corporate Broking)	[phone]
Peel Hunt LLP Richard Crichton, David McKeown	[phone]
Camarco Georgia Edmonds, Tom Huddart, Monique Perks	[phone]

About Independent Oil and Gas:

IOG owns substantial low risk, high value gas reserves in the UK Southern North Sea.  The Company is targeting a 2P peak production rate of 146 MMCF/d (c. 25,000 Boe/d) from its substantial Core Project (2P gas Reserves of 302 BCF¹ + 2C gas Contingent Resources of 108 BCF²) via an efficient hub strategy.  In addition to the independently verified 2P reserves at Blythe, Elgood, Southwark, Nailsworth and Elland and 2C Contingent Resources at Goddard, IOG also has independently verified best estimate unrisked prospective gas resources of 202 BCF²,³ in Harvey and Goddard.  Alongside this IOG continues to pursue value accretive acquisitions to generate significant shareholder returns.  All IOG's licences and the Thames Pipeline are owned 100% and operated by IOG.

¹ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression 

²ERC Equipoise Competent Persons Report: October 2018

³Updated management estimates based on interpretation and mapping of 3D seismic data reprocessed to Pre-Stack Depth Migration (PSDM) in 2018, subsequent to ERC Equipoise's 2017 Competent Persons Report 

 

END

 

 

BOAGMGMFZFNGLZZ