TomCo Energy PLC Board Changes (8498D)

TIDMTOM

RNS Number : 8498D

TomCo Energy PLC

02 November 2020

2 November 2020

TOMCO ENERGY PLC

("TomCo" or the "Company")

Board Changes

TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces certain changes to the board of the Company (the "Board") with immediate effect.

Board Appointments

The Company is pleased to announce the appointment of Robert Kirchner and Richard Horsman as Non-Executive Directors of the Company.

Robert Kirchner is an experienced board and oil industry executive, having spent over 30 years in senior roles in the industry, including focusing on new technologies and ventures. He is currently CEO of Cornerstone Energy Africa Ltd, an Africa focussed oil exploration and production company, and Managing Director of BCI International, a consulting and financial advisory business focused on the energy sector. His previous roles include being COO of African Power Corporation; CFO and Deputy CEO of Kungur Oilfield Equipment and Services; and CEO of First Africa Oil plc and Deputy CEO of Sibir Energy plc, when those companies were quoted on AIM. Robert also spent 13 years with ExxonMobil Corporation from 1988 to 2001, and worked extensively across Africa and the FSU. He has dual US/UK nationality.

Richard Horsman has nearly 25 years' executive level experience with both public and private companies across a range of industries, with a focus on sales and marketing. He is currently Non-Executive Chairman of Main Market listed Toople plc, a provider of broadband, fixed line and mobile telephony solutions to the SME sector. He was previously Senior Independent Non-Executive director of Plethora Solutions Holdings plc and CEO of Cybit Holdings plc, both quoted on AIM. Prior to this, he held several senior roles in the IT industry, including with Global Telematics plc and The Baan Company. Between 2011 and the end of 2014, Richard was Chairman and CEO of Atego Group, a private company providing mission and safety critical software and consulting services to the aerospace, military and automotive sectors. Atego was sold to PTC Inc., which is listed on NASDAQ.

Board Resignations

Stephen West, Non-Executive Chairman, and Alexander Benger, Non-Executive Director, both expressed their desire to step down from the Board, given the increasing time commitment required as TomCo seeks to move to the next stage of its development, in order to focus on their other business commitments. Both Stephen West and Alexander Benger have therefore left the Board with immediate effect.

Appointment of Chairman

Following the resignation of Stephen West, the Company is pleased to announce that Malcolm Groat, previously a Non-Executive Director of the Company, has been appointed as the Company's new Non-Executive Chairman.

Commenting, John Potter, CEO of TomCo, said : "As TomCo moves to its next stage of development, in particular progressing the work of the Company's Greenfield Energy joint venture, I am very pleased to welcome Robert Kirchner and Richard Horsman to the Board.

"Robert is a very experienced oil industry executive whose skills and experience, particularly in relation to the exploitation of new technologies, will be invaluable as we move forward. Richard brings significant public company experience to the Board, coupled with an important sales and marketing focus.

"With the reorganised Board, I am confident that TomCo has the right individuals in place to ensure that we can appropriately progress the commercialisation of the exciting opportunities we have.

"I would like to thank both Stephen and Alex for their contributions to TomCo and I understand their need to focus on their other business commitments. I wish them well in their future endeavours."

Additional Information

The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to:

Robert Alan Kirchner, aged 58:

 
 Current Directorships           Previous Directorships (last 
                                  5 years) 
 Cornerstone Energy Africa Ltd   African Power Corporation Limited 
  Polar Petroleum Limited*        Psinos Innovation Partners 
                                  Polar Petroleum BV 
 

*UK company records indicate that Mr Kirchner's appointment at Polar Petroleum Limited is still active. Mr Kirchner resigned from this role on 30 September 2014 and steps are being taken to have the filing updated to reflect this.

Robert Kirchner holds no ordinary shares in the capital of the Company.

Richard John Horsman, aged 59:

 
 Current Directorships                 Previous Directorships (last 
                                        5 years) 
 Toople plc                            None 
  J.C. Mackinlay And Co. Limited 
  Gardien (SEA) Pte. Ltd. 
  High Lees Farm Partnership 
  Altar Cottages Charity 
  Crowhurst Relief in Need Charities 
 

Richard Horsman holds no ordinary shares in the capital of the Company.

Save as disclosed above there are no additional disclosures to be made in accordance with Rule 17 or Schedule Two paragraph (g) of the AIM Rules for Companies.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Enquiries:

TomCo Energy plc

   Malcolm Groat (Chairman) / John Potter (CEO)                     [phone] 

Strand Hanson Limited (Nominated Adviser)

   James Harris / Richard Tulloch / Jack Botros                          [phone] 

Novum Securities Limited (Broker)

Charlie Brook-Partridge [phone]

IFC Advisory Limited (Financial PR)

   Tim Metcalfe / Graham Herring                                                 [phone] 

For further information, please visit www.tomcoenergy.com .

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November 02, 2020 02:00 ET (07:00 GMT)