Directorate Change

RNS Number : 0830Z

Independent Resources PLC

04 March 2013

 



4 March 2013

Independent Resources plc

("IRG" or "the Company")

Appointment of new CEO and Directorate Changes

The Board of IRG is pleased to announce the appointment to the Board of Greg Coleman as Chief Executive Officer. As part of the Company's strategic review process, Greg will be replacing Grayson Nash who is continuing as Non-Executive Chairman. These changes are effective immediately.

The Board recognises that the Company's efforts to develop its keystone Rivara natural gas storage project in Italy have been materially set back in time due to the force majeure events we described last year. As a result, the Company's primary focus now will be on E&P. The Company is reviewing its position on its existing assets and is actively reviewing transactions that will enable the Company to return in the short term to a profitable growth trajectory.

Greg Coleman is a graduate in Geological Engineering from the University of Manitoba with a proven track record and more than 35 years' experience developing exploration and production opportunities especially in NW Europe, North Africa and the Middle East.

He worked as Managing Director  for BP Norway following the merger of BP and Amoco.  He then led BP's award winning Investor Relations team and was Group Vice President for Health, Safety, Security and Environment before retiring in 2006.  He then started Canamens Ltd. which successfully discovered and appraised the Kraken field in the North Sea as well as building a portfolio in North Africa and Central Asia.

Grayson Nash commented:

"I put tremendous energy and personal investment over several years into the Rivara project, an uncommon opportunity and business model to which I remain very attached. Our decision to focus our efforts on quickly developing and profitably growing our E&P portfolio requires insightful leadership with sector-specific operational and transactional experience. I am delighted to welcome Greg Coleman to the Board knowing we have the right man at the helm at a time of strategic transition."

Greg Coleman commented:

"The Board is focussed on accelerating the Company's profitable development. I look forward to this exciting opportunity to create material value for our shareholders by building a portfolio of cash generating assets and high value opportunities."

For further information, please visit www.ir-plc.com or contact:
Grayson Nash/Greg Coleman	Independent Resources plc	[phone]
Allan Piper/Simon Hudson	Tavistock Communications	020 7920 3150
David Porter/Richard Thompson (Corporate Finance)	Seymour Pierce	020 7107 8000
Richard Redmayne/David Banks (Corporate Broking)
Phil Davies / James Wood (Corporate Broking)	Charles Stanley Securities	020 7149 6074

The following disclosures are being made under Schedule 2 (g) of the AIM Rules following Greg Coleman's appointment to the Board. William Gregory Coleman, age 58, is or has been a director of the following companies during the past five years.

Current

Energy EHS Research Limited**

Cange Energy Consulting Limited

Aten Exploration 

Petromall Ltd

Global Energy Talent Limited

Last 5 years

Aurelian Finance Limited

AGR Group ASA

Canamens Energy Holdings Limited

Canamens Energy Limited (UK)*

Canamens Energy AS** 

Canamens Energy Central Asia Limited

Canamens Energy inc

Sahara Petroleum Limited***

Canamens Energy North Sea Limited (became Enquest EMS)

Canamens UK 814 and 815 Limited (became Enquest UKCS limited)

Canamens Investments BV

Canamens Central Asia BV

Canamens Energy BV

Canamens BNG BV

Canamens Energy Morocco SARL

Canamens Poland Limited***

Canamens Tunisia BV

Canamens Middle East BV***

*underwent a Members Voluntary Liquidation in 2012

** undergoing a Members Voluntary Liquidation

*** underwent a Members Voluntary Liquidation in 2010

 

END

 

 

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