Circle Oil PLC Appointment of new Chief Executive Officer (5739O)

TIDMCOP

RNS Number : 5739O

Circle Oil PLC

29 May 2015

29 May 2015

Circle Oil Plc

("Circle" or the "Company")

Appointment of new Chief Executive Officer

Circle Oil Plc (AIM: COP), the international oil and gas exploration, development and production company, is pleased to announce the appointment of Mitchell Robert Flegg (54) as Chief Executive Officer ("CEO") and a director of the Company with effect from 1 June 2015.

Mitch has over 33 years' industry experience, spanning a wide variety of exploration and production projects at all levels; most recently with Serica Energy Plc ("Serica"), which he joined in 2006 and was responsible for all drilling and development operations. He was promoted to the position of Chief Operating Officer in March 2011 and joined the Board of Serica in September 2012.

Mitch started his career with Schlumberger Limited and then moved to Enterprise Oil Plc, where he was responsible for drilling operations for wells in a variety of countries. After the takeover by Royal Dutch Shell Plc he worked on the implementation of new technology in well engineering before moving into asset management.

Mitch holds a BSc (Hons) Physics, from Birmingham University.

Commenting on the appointment, Steve Jenkins, Chairman, said:

"We are delighted to have Mitch as our new CEO and a member of our board. He brings with him a wealth of experience and a strong operational mind-set. I am confident that Mitch will make a significant contribution to the future success of Circle Oil"

Save as set out below, there is no further information required to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM Rules:

 
 Current Directorships:   Directorships in past 5 years 
-----------------------  ------------------------------ 
 None                     Serica Energy Plc 
-----------------------  ------------------------------ 
                          Serica Holdings UK Limited 
-----------------------  ------------------------------ 
                          Serica UK Exploration Limited 
-----------------------  ------------------------------ 
                          Serica Energy (UK) Limited 
-----------------------  ------------------------------ 
 

For further information contact:

Circle Oil Plc ([phone])

Steve Jenkins, Chairman

Investec ([phone])

Chris Sim

George Price

James Rudd

Citigate Dewe Rogerson ([phone])

Martin Jackson

Shabnam Bashir

Murray Consultants ([phone])

Joe Heron

Pat Walsh

Notes to Editors

Circle Oil Plc (AIM: COP) is an international oil & gas exploration, development and production company holding a portfolio of assets in Morocco, Tunisia, Oman, and Egypt with a combination of producing assets, low-risk, near-term production opportunities, and significant upside exploration potential. The Company listed on AIM in October 2004.

Internationally, the Company has continued to expand its portfolio over the past years and now has assets in the Rharb Basin, Morocco; the Ras Marmour Permit in southern Tunisia; the Mahdia Permit offshore Tunisia, and the Zeit Bay area of Egypt. Circle also has the largest licensed acreage of any company in Oman with an ongoing exploration programme in Block 49 onshore.

Circle's strategy is to locate and secure additional licences in prospective hydrocarbon provinces and, through targeted investment programmes, monetise the value in those assets for the benefit of shareholders. This could be achieved through farm-outs to selected partners who would then invest in and continue the development of the asset into production, or Circle may opt to use its own expertise to appraise reserves and bring assets into production. Through either route the objective would be generation of sustained cash flow for further investment.

Further information on Circle is available on its website at www.circleoil.net.

This information is provided by RNS

The company news service from the London Stock Exchange

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