Columbus Energy Resources PLC Directorate Change, Appointment of CFO (1240I)

TIDMCERP

RNS Number : 1240I

Columbus Energy Resources PLC

15 June 2017

15 June 2017

Columbus Energy Resources Plc

("CERP" or "Columbus" or the "Company")

Directorate Change

Appointment of Chief Financial Officer

Columbus Energy Resources, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, today announces that James Thadchanamoorthy has informed the Board of his intention to step down from his position as Finance Director effective immediately to pursue new opportunities.

The Company is pleased to announce the appointment of Gordon B. Stein, as Chief Financial Officer effective immediately. Mr Stein has over 24 years of international experience in the oil and gas sector and was most recently CFO of Madagascar Oil. Prior to this, he was CFO at Cadogan Petroleum, Vanguard Energy Limited and Regal Petroleum. Mr Stein is a member of the Chartered Institute of Public Finance & Accountancy.

Mr Stein was appointed to the Board of Columbus Energy Resources as a Non-Executive Director on 10 January 2017 and will remain on the Board as an Executive Director, stepping down as Chairman of the Audit Committee.

Leo Koot, Executive Chairman of Columbus commented:

"On behalf of the Board, I would like to thank James for his significant contribution to the business over the last five years and wish him well in his future career.

"I am delighted to welcome Gordon to his new position as Chief Financial Officer. Gordon's extensive financial and oil and gas experience will be of significant value to the Company as we enter our next stage of growth."

Gordon Stein has agreed to receive half his fees for the first 12 months in the form of Company stock to be issued at the end of his first year at a price of 2.2p per share, being the price at the time of the last placement in March 2017.

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

2 million shares strike at 2.22p vesting at 4p

2 million shares strike at 4p vesting at 8p

2 million shares strike at 6p vesting at 12p

2 million shares strike at 8p vesting at 16p

2 million shares strike at 10p vesting at 20p

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

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Enquiries:

 
 Columbus Energy Resources        [phone] 
 Leo Koot 
 
 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 
  Georgia Edmonds / James 
  Crothers / Billy Clegg 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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June 15, 2017 02:01 ET (06:01 GMT)