Petroneft Resources PLC Selection of New CEO (6841M)

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RNS Number : 6841M

Petroneft Resources PLC

10 January 2019

PetroNeft Resources plc

10 January 2019

PetroNeft Resources plc ('PetroNeft' or 'the Company')

Selection of New Chief Executive Officer

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67, is pleased to announce the selection and appointment of a new Chief Executive Officer ("CEO").

Mr. David Sturt, who has been a Non-Executive Director of the Company since 2016 will become CEO with effect from 25 March 2019. In the meantime, Karl Johnson, VP of Operations, will continue as Interim CEO.

David has over 35 years of international experience in the upstream oil and gas industry gained working on projects in Europe, CIS, Africa, South America and SE Asia. Since 2012 David has been a Senior Vice President with Azimuth Limited, he is currently also a Non-Executive director of Petrosibir AB, a Swedish company with oil and gas interests in Russia. During 2011-2012, David served as a Deputy Board Chairman and Head of Upstream for Ukrnafta, the largest oil company in Ukraine. Before this he was a founding shareholder of VistaTex Energy which was an oil and gas production company with producing assets across onshore US. The company was successfully sold in 2014 to Dome Energy. David was also the founding CEO and later COO of Kausar Oil and Gas (later Exillon Energy). Before this he worked as Director of G&G for Petrokazkhstan which was sold to CNPCC in 2005 and also previously held positions with Hess, Sun Oil, ConocoPhillips and Dragon Oil.

David holds a BSc honours degree in Earth Sciences from Kingston University, an MSc degree in Exploration Geophysics from Leeds University, and a postgraduate diploma in business administration from Herriott Watt University.

David will continue the work commenced in 2018 whereby the Company has engaged financial advisers in Russia to test the market and gauge appetite for a potential sale of Licences 61 and/or 67 in order to return value to shareholders. In the event of such a sale, David will be entitled to receive share options up to a total potential amount of $100,000 with the strike price and number of options calculated based on the Company's share option scheme.

G. David Golder, Chairman of the Board, commented:

"I am delighted that David has agreed to take up the position of CEO and am confident that he can bring a successful conclusion to our efforts to realise increased value to shareholders."

David Sturt, Incoming Chief Executive Officer of PetroNeft Resources plc, commented:

"I am very excited to be taking up the CEO position at PetroNeft during a crucial time in the Company's history."

For further information, contact:

 
 Karl Johnson, Interim CEO, PetroNeft Resources           +1 713 988 
  plc                                                           2500 
 David Sturt, Incoming CEO, PetroNeft Resources           +353 1 647 
  plc                                                           0280 
                                                          +353 1 647 
 Paul Dowling, CFO, PetroNeft Resources plc                     0280 
 John Frain/Brian Garrahy, Davy (NOMAD and Joint          +353 1 679 
  Broker)                                                       6363 
 Henry Fitzgerald-O'Connor, Canaccord Genuity Limited    [phone] 
  (Joint Broker)                                                8000 
                                                          +353 1 498 
 Joe Heron / Douglas Keatinge, Murray Consultants               0300 
 

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January 10, 2019 02:00 ET (07:00 GMT)