Appointment and Service Agreement Amendment

RNS Number : 5593T

Savannah Petroleum PLC

06 January 2017

 

6 January 2017

Savannah Petroleum PLC

("Savannah" or "the Company")

Appointment of VP Operations and Service Agreement Amendment

Savannah Petroleum is pleased to confirm the appointment of Antoine Richard as VP Operations. Mr Richard has over 20 years' experience working for both major (Total) and independent (Perenco) oil & gas companies worldwide, including 10 years' experience in West Africa.  He has a strong operational background (seismic acquisition in desert environments, management of drilling campaigns, onshore facilities design and operation, production optimisation, etc.).  His previous positions within Perenco included Global HSE Manager and General Manager roles for Congo, Egypt and Venezuela.

Issue of Incentive Shares

Savannah's Remuneration Committee has approved the future issue of, in aggregate, 526,315 new ordinary shares of par value £0.001 each in the Company ("Ordinary Shares") to Mr Richard. The issue serves as an incentive granted to Mr Richard in relation to his appointment. The new Ordinary Shares will be issued to Mr Richard fully paid and according to following schedule:

1.   263,157 new Ordinary Shares on the second anniversary of his commencement of employment with the Company, which is 10 August 2018; and

2.   263,157 new Ordinary Shares on the third anniversary of his commencement of employment with the Company, which is 10 August 2019,

provided always that Mr Richard remains an employee of the Company at the relevant time. Mr Richard currently has a holding of nil Ordinary Shares in the Company.

Service Agreement Amendment

Savannah also announces that the service agreement put in place between the Company and Andrew Knott at the time of the Company's AIM IPO in August 2014, which provided for a 12-month notice period and an initial fixed term of two years, has been amended by the Remuneration Committee so that the 12 month notice period cannot expire any earlier than 31 December 2018 (the "Service Agreement Amendment"). All other material terms of the service agreement remain the same.

The Service Agreement Amendment is deemed to be a related party transaction under the AIM Rules for Companies. The Directors, other than Andrew Knott, consider, having consulted with Strand Hanson Limited, the Company's Nominated Adviser, that the terms of the Service Agreement Amendment are fair and reasonable insofar as the Company's shareholders are concerned.

For further information contact:
Savannah Petroleum	[phone]
Andrew Knott, CEO
Jessica Hostage, Corporate Communications
Strand Hanson (Nominated Adviser)	[phone]
Rory Murphy
James Spinney
Ritchie Balmer
Mirabaud (Joint Broker)	[phone]
Peter Krens
Rory Scott
Stifel Nicolaus Europe Limited (Joint Broker)	[phone]
Callum Stewart
Ashton Clanfield
Celicourt Communications	[phone]
Mark Antelme
Jimmy Lea

 

END

 

 

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