Genel Energy PLC Directorate Change (0564D)

TIDMGENL

RNS Number : 0564D

Genel Energy PLC

24 April 2017

24 April 2017

Genel Energy plc

Directorate Change

Genel Energy plc ('Genel Energy' or 'the Company') announces that Stephen Whyte has been appointed as an independent non-executive director and Chairman designate with immediate effect.

Tony Hayward will retire as a Director and Chairman of the Company at the conclusion of the 2017 AGM, to be held on 6 June 2017, at which point Stephen Whyte will take up the role of Chairman.

Murat Özgül, Chief Executive of Genel, said:

"It has been a great pleasure to have worked with Tony during his time at Genel. When we first started working together, the oil industry in the Kurdistan Region of Iraq was still in its infancy, without an export pipeline and there was a high degree of uncertainty over export sales. Kurdistan now has a fully operational pipeline infrastructure exporting up to 600,000 bopd, and Taq Taq and Tawke have a proven track record of international sales and significant cash generation. Everyone at Genel wishes Tony all the best in his future activities."

Stephen Whyte, Chairman designate, said:

"Genel has operated in a very tough environment in recent years but I believe the Company has renewed momentum and significant opportunities in the portfolio. The fall in oil price impacted the entire industry, and that, coupled with the impact of the war against ISIS, put pressure on the finances of the already squeezed Kurdistan Regional Government. As the environment now improves, I look forward to working with the Board to ensure that Genel has the best possible strategy for the future."

No information is required to be disclosed under Listing Rule 9.6.13R.

-ends-

For further information please contact:

 
 Genel Energy 
  Sarah Robertson, Company Secretary 
  Phil Corbett, Head of Investor 
  Relations 
  Andrew Benbow, Head of Public 
  Relations                             [phone] 
 
 Vigo Communications 
  Patrick d'Ancona                      [phone] 
 

Notes to editors:

Stephen Whyte

Stephen Whyte has almost 30 years of experience in the oil and gas industry. A significant part of his career has been spent at Royal Dutch Shell, where he held a variety of technical and commercial roles, and he also spent six years with UK Independent Clyde Petroleum, as Exploration Leader and then Commercial Director. Having left Royal Dutch Shell in 2011, Stephen became SVP, Europe and Central Asia, Commercial, for BG Group. Latterly he was Head of Exploration and Production at Galp Energia, Portugal's largest listed company, where he also served on the Board. In addition to his role at Genel, he is Non-Executive Chairman of Sound Energy plc and a Non-Executive Director of Echo Energy plc.

Genel Energy

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed oil producers and the largest holder of reserves and resources in the Kurdistan Region of Iraq. Through its Miran and Bina Bawi gas fields, the Company is positioned to be a cornerstone provider of KRI gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue further growth opportunities within the Middle East and Africa. For further information, please refer to www.genelenergy.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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April 24, 2017 02:01 ET (06:01 GMT)