Directorate Change

RNS Number : 6494W

Edenville Energy PLC

11 November 2014

 



Edenville Energy

("Edenville" or the "Company")

Board Changes

11 November 2014

Edenville Energy plc (AIM:EDL), the coal focused African energy exploration and development company, is pleased to announce the appointment of Arun Srivastava as Non-Executive Director of the Company. Arun replaces Simon Rollason, who resigns as Non- Executive Director. Both changes are with immediate effect.

Arun Srivastava, aged 67, has a rich and varied work experience of more than 40 years in the power industry, spread across turnkey development and operation of power plants, acquisition of fuel sources and liaison with regulators and representing industry and completing management of large size coal and gas based power projects.

Arun served as Managing Director and CEO of Essar Power Limited for 10 years until 2009 during a 19 year career with the company.  At the time of his leaving, Essar Power, the power generation arm of Essar Group, operated five power plants with a combined capacity of 1200 MW across three locations in India and was expanding its generation capacity to 6000 MW. With in-house mining operations and licenses for power transmission and trading, the company was a fully integrated, end-to-end player within the power sector.

Prior to his role at Essar, Arun spent 13 years (1977-1990) at NTPC Limited, India's largest power generation company with a current installed capacity of 45000 MW plus coal-based and gas-based plants located across the country. Arun was responsible for preparing detailed project reports and implementation of various engineering aspects of these power projects.  Key responsibilities included analysing coal properties for suitable selection of technology, including various types of boilers and coal and ash handling systems.

Arun currently acts as an independent consultant in the power sector and has advised companies both in India and abroad, nominated as an Independent Director on the Board of Indo-tech Transformer Ltd (a publicly listed company in India), by Prolec-GE, Evonik Energy Services(I) Pvt Ltd (Indian Consultancy subsidiary of Evonik Group, Germany), Smart Power Group, a US based group engaged in renewable energy technologies and Enam Holdings Pvt Ltd, the investment arm of Enam Group with large proprietary capital invested across companies/sectors.

See Appendix for further information in accordance with Rule 17, Schedule Two (g) of the AIM Rules for Companies

Sally Schofield, Chairman of Edenville, commented:

"Edenville Energy is preparing for its transition into a coal and power development company following its key successes in discovering and delineating its thermal coal project in western Tanzania. Our JORC compliant, Measured and Indicated resource of 170 million tonnes of in-situ coal is of a quality and quantity believed to be sufficient to support a Clean Coal Thermal Power Plant over a project life in excess of 30 years. The starter pit has recently been awarded EIA approval (June 2014) and work is progressing to secure the Mining Licence. After a series of positive developments in the Tanzanian power sector, Edenville recently commenced on the Power Plant Feasibility Study with Lahmeyer India and Arun will play a vital role in guiding the Company through this process. 

I am delighted that Arun, who was initially engaged as a consultant to the Company to help us evaluate coal to power options, has agreed to join the Board having seen the potential for the Company during his site visit and desk-top studies relating to coal to power prospects in Tanzania.

We view Arun's agreement to join the Edenville team as an endorsement of the Board, the Rukwa Coal Project and the Company's potential.  His appointment is a clear indication of our intent to move Edenville forward to commercialise the Rukwa Coal Project through the development of a power plant. Particularly encouraging are the recent positive developments in Tanzania including progress on the construction of the new power grid in the west of Tanzania as announced by the Company on November 5, 2014.

I would like to thank Simon Rollason for his immense contribution to the Company, initially as Executive Chairman and subsequently as Non-Executive Director. Simon led the AIM admission of the Company and was instrumental in acquiring our interest in the Rukwa coal licences and defining the work which allowed us to delineate a significant resource at the Rukwa Coal Project. We wish Simon every success for the future".

Enquiries:

Edenville Energy plc	[phone]
Sally Schofield - Chairman
Cantor Fitzgerald Europe (Nominated Adviser and Broker)	[phone]
Stewart Dickson / Jeremy Stephenson
NewgateThreadneedle (Financial PR)	[phone]
Roddy Watt / Edward Treadwell

Appendix - Rule 17 and Schedule Two (g) of the AIM Rules for Companies

Details of directorships that Arun Kumar Srivastava, aged 67, currently holds, and has held in the previous five years, are given below:

Current Directorships/Partnerships

Aaridhi Consultants

Indo - Tech Transformers Limited

SmartPower Group Inc.

Past Directorships/Partnerships

Enam Infrastructure Fund Management Company Private Limited.

Mr.  Srivastava  is not currently interested in any ordinary shares in the Company.

Save for the information above, there are no further disclosures to be made in accordance with Rule 17, Schedule Two (g) of the AIM Rules for Companies in respect of the appointment of Arun Srivastava.                              

 

END

 

 

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