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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Lapp Plats | LSE:LPP | London | Ordinary Share | GB0034353531 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMLPP RNS Number : 8423S Lapp Plats Plc 27 May 2009 27 May 2009 Lapp Plats plc Board Changes, New Oil and Gas Strategy, Change of Name, Appointment of Nomad * appointment of Michael Blaha as Non-Executive Chairman * appointment of John Craven as Chief Executive Officer * roll out of new oil and gas strategy * change of name to Cove Energy plc ("Cove Energy") * appointment of Cenkos Securities as Nominated Adviser and Broker Lapp Plats plc, an AIM quoted, UK registered public company ("Lapp Plats", "the Company" or "Cove Energy") is pleased to announce a number of transformational developments in the Company. Board Changes Further to the Company's stated intention since achieving its AIM quotation in May 2005 of formalising an oil and gas division, and following dedicated work by the Board of Directors ("Board") during the course of the past 18 months, Lapp Plats is pleased to announce today that Michael Blaha, currently Country Chairman for Shell in Algeria, is joining the Board as Non-Executive Chairman and John Craven, founder and until recently CEO of Petroceltic International plc, is joining as Chief Executive Officer. Both of these Board appointments will take effect immediately. Tom O'Gorman, the Company's current Non-Executive Chairman, will continue on the Board as a Non-Executive Director. Brian Barrett, a founding Director, is stepping down from the Board and retiring as Company Secretary. The Board expresses its sincere appreciation to Brian for his work and commitment to the Company since its formation in 2003. Michael Nolan will act as Company Secretary going forward. Michael Blaha (54), is a Petroleum Engineer with twenty nine years industry experience, his entire career spent working in the Royal Dutch Shell Group ("Shell"). He is currently Country Chairman for Shell in Algeria, prior to which he held the positions of Director External Relations for EP Africa from 2003-2005, Vice President EP for Russia (Salym, Sakhalin) from 2001 to 2003 and Vice President Iran (Soroosh and Nowrooz) from 1998 to 2001. Earlier in his Shell career he worked at the Shell head offices in The Hague from where he developed business in China, Iran and Russia. He has also held senior roles in the Philippines, Syria, Thailand and the UK. Mr Blaha has an MSc in Chemistry from Universiteit van Amsterdam. John Craven (59) is a petroleum geologist with thirty five years experience in senior technical and commercial roles in upstream oil and gas exploration and production companies. Prior to joining Lapp Plats, he was founder and Chief Executive of AIM and IEX quoted, African and Mediterranean focussed, exploration company, Petroceltic International plc ("Petroceltic"). Petroceltic grew under his direction and stewardship to a business with a diversified portfolio of exploration and appraisal projects in Italy, Algeria and Tunisia. In addition to the above, John brings with him a deep understanding of the investment community and a solid reputation earned following 35 years of delivery to shareholders. Mr Craven has an MSc in Petroleum Geology from the Royal School of Mines in London and an MBA from Queens University in Belfast. Prior to Petroceltic, he held senior management and Director roles in a number of quoted and private oil companies including Gulf Oil, Dana Petroleum and Vanco Energy. Oil and Gas Strategy Cove Energy's strategy is to identify and acquire oil and gas assets in the early phase of the upstream life-cycle and mature them into marketable opportunities for the medium and larger oil and utility companies. The Company's initial focus will be on Africa and the Mediterranean. The Company will be "opportunity driven" but the objective is to target assets in areas where larger oil companies are not yet active or have overlooked opportunities. Cove Energy will also seek out assets owned by companies in distress as a result, for instance, of the current global economic climate. The Company intends to operate with a minimum level of staffing but with a larger experienced "virtual" skills-pool from where it can draw on relevant experience on a case-by-case basis. The Company intends at the outset to partner and joint venture with investors and associates who will support Cove Energy with commercial skills and influence in areas where the Company intends to grow its business. The strategy will be implemented and driven jointly by John Craven and Michael Blaha. A management team commensurate with the escalating requirements of the business is being assembled and further appointments will be confirmed over the coming months. The Company continues to hold the existing Swedish mineral licence in good standing, without significant financial obligations, and the Company will look to commercialise the mineral assets of Lapp Plats AB in due course. The Company has maintained a core treasury, in excess of GBP1 million, since late 2006. The Directors are aware that investments in new projects will require additional capital and funding options will be continually monitored by the Board, in tandem with the development of the new strategy. Change of Name The Directors will propose to shareholders at the forthcoming Annual General Meeting of the Company that the Company changes its name to Cove Energy plc. The Notice and resolutions in respect of this Annual General Meeting will be dispatched shortly along with the Annual Report and Accounts for the financial year ended 31 December 2008. The Directors plan that the Annual General Meeting will be held in late June or early July. Appointment of new Nominated Adviser and Broker The Board are pleased today to announce the appointment of Cenkos Securities plc as its AIM Nominated Adviser and Broker with immediate effect. The Company is a UK registered company and, with the appointment of a UK based Nominated Adviser and Broker, the Board has requested that the Irish Stock Exchange cancel the admission of the Company's ordinary shares to trading on the IEX Market with effect from 26 June 2009. The Company's Ordinary Shares will continue to be traded on the AIM Market. Substantial Shareholder Notification The Company was notified on 25 May 2009 of the following interests in the Company's ordinary shares: +--------------------------+---------------------------------------------+ | John Craven | 1,750,000 (7.50%) | +--------------------------+---------------------------------------------+ | Dermot Corcoran | 1,750,000 (7.50%) | +--------------------------+---------------------------------------------+ Information on Frantisek Michael Josef Blaha +-----------------------------------+------------------------------------+ | | | +-----------------------------------+------------------------------------+ | Current directorships | Past directorships (in the last 5 | | | years) | +-----------------------------------+------------------------------------+ | Shell Somalia BV. | Sakhalin Energy Investment Company | | Shell Marketing Algerie SPA | Ltd | | Groupement Shell Algerie | Pecten Cameroon Inc. | | (Groupement) | | | | | +-----------------------------------+------------------------------------+ Mr. Blaha has no interest in any shareholding (including interests of connected parties) in the share capital of the Company. Information on John Edward Craven +------------------------------------+------------------------------------+ | | | +------------------------------------+------------------------------------+ | Current directorships | Past directorships (in the last 5 | | | years) | +------------------------------------+------------------------------------+ | None | Petroceltic International plc | | | | +------------------------------------+------------------------------------+ Mr Craven has an interest in 1,750,000 ordinary shares representing 7.5% of the share capital of the Company. There are no other details specified by schedule 2 paragraph (g) of the AIM and IEX Rules to be disclosed in relation to either Mr Blaha or Mr Craven. Commenting on the Board appointments and roll out of the oil and gas strategy, Tom O'Gorman, outgoing Chairman and continuing Non-Executive Director commented: "I am very pleased to welcome Michael and John to the Board of the Company. Michael Blaha, with a long and successful career with Shell will provide invaluable stewardship and industry presence as we work to build an agile, entrepreneurial and focussed oil and gas entity. John Craven has shown a unique ability to identify, assess and secure highly attractive oil and gas exploration acreage and opportunities, on very favourable terms, throughout his career and I believe that this ability together with his extensive industry experience and contact base will drive Cove Energy forward.With such a high class team on Board, we are in a very good position to take advantage of the significant opportunity that currently exists within the oil and gas upstream arena." John Craven, newly appointed CEO said: "I am delighted to have joined the Company and have a clear strategy to add value to shareholders. The team is well networked in the oil and gas industry and we are already aware of a number of assets which will become available to us in the near term. I believe that there are unprecedented opportunities currently available in the sector and with the pool of senior industry figures available to me and my colleagues we have the ambition to rapidly assemble a portfolio of projects and interests that will position Cove Energy as an outstanding organisation in the years and months ahead". For further information, please contact: +-------------------------------------------+----------------------------+ | Lapp Plats plc | | +-------------------------------------------+----------------------------+ | John Craven, CEO | Tel: + 353 1 662 4351 | | Michael Nolan, Executive Director | | +-------------------------------------------+----------------------------+ +-------------------------------------------+----------------------------+ | Cenkos Securities | | +-------------------------------------------+----------------------------+ | Jon Fitzpatrick / Ken Fleming | Tel: +44 (0)131 220 6939 | +-------------------------------------------+----------------------------+ +-------------------------------------------+----------------------------+ | Financial Dynamics | | +-------------------------------------------+----------------------------+ | Billy Clegg / Edward Westropp | Tel: +44 (0)20 7831 3113 | +-------------------------------------------+----------------------------+ Note to Editors: Lapp Plats plc is an AIM quoted natural resources company. It was founded in 2003 to secure and advance platinum group metal projects in Sweden and over the past 24 months it has been active in expanding its area of activity into the oil and gas sector. This information is provided by RNS The company news service from the London Stock Exchange END MSCAFMFTMMTTBAL
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