LGO Energy PLC Directorate change, proposed company name change (6631E)

TIDMLGO

RNS Number : 6631E

LGO Energy PLC

10 May 2017

For Immediate Release, embargoed until 7 am

10 May 2017

LGO ENERGY PLC

("LGO" or the "Company")

Directorate change

Neil Ritson to step down as Chairman and Chief Executive Officer

Leo Koot appointed as Executive Chairman

Proposed change of Company name

LGO, the oil and gas producer and explorer focussed on onshore Trinidad, announces that Neil Ritson is stepping down from his role of Chairman and Chief Executive Officer. The Company is pleased to announce the appointment of Leo Willem Koot as Executive Chairman effective immediately.

Neil Ritson departs LGO after 7 years as the Company's Chief Executive and after guiding LGO through the execution of a strategically transitional year in 2016. Following the successful completion of the Company restructuring, the reduction of costs, and strengthening of its balance sheet, Neil leaves LGO in a position from which it can enter a new era.

Leo Koot's appointment is a significant moment for LGO. Leo is a Dutch national, currently residing in the UK, with over 28 years of industry experience and he brings both financial and technical expertise to the Company. During his extensive career, he has run oil and energy businesses as well as been an active board member, most recently with AIM listed Sterling Energy PLC as Senior Independent Non-Executive Director. Leo's global energy experience includes his role as Managing Partner of MENA Gulf Investment Partners (Abu Dhabi), President of Abu Dhabi National Energy Company (TAQA) and Managing Director of TAQA UK where he built the organisation from a few people to an organisation of over 2,000 staff and contractors and delivered a mature E&P operating company that managed 60,000 barrels/day production with US$1.7 billion in annual revenues. Prior to TAQA, Leo was CEO of Energy Development Partners an oil and gas business creating ways to match capital and resources with developing production, for which he helped raise a US$350 million private equity fund. Leo has a Master in Petroleum Engineering and a business degree from Harvard Business School.

Proposed change of Company name

It is the Board's intention in due course to change the Company name to Columbus Energy Resources plc.

Neil Ritson, outgoing Chairman and CEO, commented:

"After a difficult couple of years in which the Board and I have restored the balance sheet the Company is now able to chart a new course and that requires new leadership. I would like to thank the senior management and Board for their support and personally wish Leo all the very best in his new role."

Leo Koot, LGO's Executive Chairman, commented:

"I am excited about the inherent value that I see in this business and look forward to implementing a strategy to unlock that value. The Company's current asset portfolio is strong, we are growing our production and generating cash. We are seeing ever more investment flowing back in to the sector. These are excellent fundamentals from which to grow the business and I look forward to sharing my vision in more detail at the Investor Strategy Briefing later today.

I would like to thank Neil for his dedication and commitment to the role over the years and on behalf of the Board wish him all the best with his next endeavours."

At the request of the Board Neil Ritson will remain available as a Senior Advisor to the LGO Board for a period of at least 12 months.

Leo Koot has agreed to receive half his fees for the first 12 month in the form of Company stock to be issued at the end of first year at a price of 2.2p per share being the price at the time of the last placement in March 2017 and broadly equivalent to yesterday's mid-market closing price of 2.18p.

In addition, Mr Koot will be granted options over the Company shares as follows:

 
 3 million shares strike 
  at 2.2p vesting at 4p 
 3 million shares strike 
  at 4p vesting at 8p 
 3 million shares strike 
  at 6p vesting at 12p 
 3 million shares strike 
  at 8p vesting at 16p 
 3 million shares strike 
  at 10p vesting at 20p 
 

These options, valid until May 2022, will be issued following the Company's next General Meeting.

Enquiries:

 
 LGO Energy plc                       [phone] 
 Leo Koot / James Thadchanamoorthy 
 
 
 Beaumont Cornish Limited             [phone] 
 Nomad and Joint Broker 
 Roland Cornish / Rosalind 
  Hill Abrahams 
 
 
 VSA Capital                          [phone] 
 Joint Broker 
 Andrew Monk / Andrew Raca 
 
 
 Camarco                              [phone] 
 Public and Investor Relations 
  Gordon Poole / Billy Clegg 
 
 

The information included below is required under Schedule Two Part (g) of the AIM Rules for Companies:

Leo Willem Koot, aged 54

 
 Current Directorships:          Past Directorships (within 
                                  the last 5 years): 
 Sterling Energy PLC             TAQA Bratani Limited 
 MENA Gulf Investment Partners   TAQA Bratani LNS Limited 
 Avanti Energy & Real Estate     The UK Oil and Gas Industry 
  B.V.                            Association Limited (trading 
                                  as Oil & Gas UK) 
 Avanti Energy FZ LLC 
 

Leo Koot does not currently hold any ordinary shares in the Company.

There is no further information to be disclosed pursuant to Schedule Two Part (g) of the AIM Rules for Companies.

Note to Editors

Leo Koot will provide a briefing to investors and analysts later today as follows:

Date: Wednesday, 10 May 2017

Time: 1.45 pm arrival, 2.00 pm start

Location: VSA Capital, New Liverpool House, 15-17 Eldon Street, London, EC2M 7LD

Webcast: http://webcasting.brrmedia.co.uk/broadcast/59083bde3b22df357223baa5

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCOKCDBOBKDBPK

(END) Dow Jones Newswires

May 10, 2017 02:00 ET (06:00 GMT)