Board Changes

RNS Number : 5546R

Union Jack Oil PLC

15 September 2014

 



UNION JACK OIL PLC

("Union Jack" or "the Company")

Board Changes

Union Jack, a hydrocarbon exploration company with a focus on drilling and development opportunities in the United Kingdom onshore oil and gas sector, announces the following board changes.

Martin Durham, non-executive director, is stepping down with immediate effect. Martin has accepted a full time position with a joint venture partner and competitor and as a result there is potential for conflicts of interest. The Company has today also appointed Graham Bull as a non-executive director.

Graham, aged 68, is a geologist with 46 years of international oil and gas industry exploration experience.  Following graduation from the University of Leicester in 1968 with a BSc Hons Geology he worked in Canada and held positions with Chevron, Dome Petroleum, Siebens Oil and Gas and Poco Petroleum and also provided exploration expertise to a Canadian drilling fund. He returned to the UK in 1982 taking the position as Chief Geologist to Sovereign Oil and Gas plc.

In addition, Graham has operated as a geological adviser for EnCore Oil plc (formerly OilQuest Resources plc), Premier Oil plc, Cirque Energy and DSM Energy.

He is currently an exploration geological consultant working on Northwest Europe offshore and onshore United Kingdom and other international areas.

Graham is a member of the Petroleum Exploration Society of Great Britain, the American Association of Petroleum Geologists and a Fellow of the Geological Society of London.

Commenting today, David Bramhill, Executive Chairman said: "The Board of Union Jack is sad that Martin is stepping down and we all wish him every success in his new role.  We all thank him for his significant contributions to the Company since its inception which have extended far beyond the normal responsibilities expected of a non-executive director.  In addition, it is pleasing that Martin leaves the Company with a successful well result behind him in respect of the recently drilled Wressle-1 exploration well.

It is the good fortune of Union Jack to have secured the services of Graham Bull to succeed Martin as a non-executive director.  Graham was instrumental in introducing two ventures, both resulting in discoveries to OilQuest Resources plc, a company founded by Joe O`Farrell and myself in the mid 2000's.  Graham has already played an important part in the formation of Union Jack's current exploration portfolio including the introduction of the Wressle project to Union Jack.  We welcome Graham to the team and look forward to him utilising his immense experience in helping to bring new ventures to the Company".

Shareholding in Union Jack

Graham Bull has a beneficial interest in 4,000,000 shares in the Company representing 0.2% of its current issued share capital.

Additional Information

Graham Bull is a beneficial owner of Charnia Resources Limited ("Charnia"). Charnia is a party to a royalty agreement in relation to PEDL 253 (Biscathorpe). Under the royalty agreement with effect from the date of first production of oil or gas within the licensed area of PEDL253, and subject to the consent of the Secretary of State and Charnia being in good standing at that time, the participants will procure that a legal and beneficial interest of 6 per cent. in PEDL253 (the "Carry Interest") shall be assigned by them to Charnia. By a deed of assignment between Egdon Resources UK Limited, Montrose Industries Limited, Charnia and Union Jack in respect of such carry arrangement dated 11 April 2013, the participants have agreed that the Carry Interest will be assigned by them in the following proportions: Egdon Resources UK Limited: 3.24 per cent.; Montrose Industries Limited: 2.16 per cent.; and Union Jack: 0.6 per cent., so that, following any such assignment, the percentage interests in PEDL253 will be held as follows: Egdon Resources UK Limited: 50.76 per cent.; Montrose Industries Limited: 33.84 per cent.; Union Jack: 9.4 per cent.; and Charnia: 6 per cent.

Further information on Graham Bull as required by Rule 17 and Schedule 2(g) of the AIM Rules for Companies is detailed below:

(a)   His full name is Graham Bull and he has no previous names;

(b)   Graham is a director or partner of the following companies or partnerships other than Union Jack:

Charnia Resources Limited

Charnia Resources UK

Graham has not been a director or partner of another company in the past five years.

There are no further disclosures for Graham Bull as required under Schedule 2(g) of the AIM Rules for Companies.

For further information please contact the following:

Union Jack Oil plc                                                

David Bramhill                                                                    [phone]

Shore Capital

Nominated Adviser

Bidhi Bhoma, Edward Mansfield                                     [phone]

Corporate Broking

Jerry Keen                                                                              [phone]

Northland Capital

Joint Broker

Gavin Burnell, Alice Lane                                                   [phone]

Yellow Jersey PR Limited

Public Relations   

Dominic Barretto                                                                 [phone]

Kelsey Traynor                                                                     [phone]

                                                                                                [e-mail]

 

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