TransGlobe Energy Corporation Announces Changes to the Executive Management Team and Board of Directors
December 28 2018 - 2:00AM
This Announcement contains inside information as
defined in Article 7 of the Market Abuse Regulation No. 596/2014
(“MAR”). Upon the publication of this Announcement, this inside
information is now considered to be in the public domain.
TransGlobe Energy Corporation (“TransGlobe” or the “Company”)
announces an update on the Company's Executive succession and Board
of Directors transition plan.
EXECUTIVE MANAGEMENT
SUCCESSION
As previously disclosed (September 14, 2018),
Ross Clarkson will retire as the Company’s Chief Executive Officer
(“CEO”) effective December 31, 2018. Randall (Randy) Neely,
TransGlobe’s current President, will assume the role of President
and CEO. Mr. Clarkson will remain with the Company as a
Non-Executive Director. Both Mr. Clarkson and Mr. Neely
intend to stand for re-election to the Board of Directors at the
2019 AGM.
With the transition of Executive leadership to
Randy Neely at year end, the Company acknowledges the tremendous
contribution made by Ross over the past twenty plus years as a
founder and builder of TransGlobe.
Mr. Rob Jennings, Non-Executive Chairman of
TransGlobe Energy commented:
“Ross built a team of professionals and together
executed a strategy that saw the Company grow from a small Canadian
base to a focused international petroleum company.
On behalf of the Board, Management and the
shareholders, the Company wishes Ross well in his much deserved
retirement from executive duties.”
CHANGES TO THE BOARD OF
DIRECTORS
Appointment of Dr. Carol
Bell
The Company is pleased to announce the
appointment Dr. Carol Bell of London, England as an Independent
Non-Executive Director effective January 1, 2019.
Dr. Bell (age 60) is an independent
businesswoman and corporate director with over 35 years of
experience in the natural resources sector. Dr. Bell has
experience as a director on companies listed in Canada, Norway and
the UK, bringing a wealth of capital markets and energy board
experience to her role at TransGlobe.
Dr. Bell’s successful career includes her
position as Managing Director of Chase Manhattan Bank’s Global Oil
& Gas Group, Head of European Equity Research at JP Morgan and
several years as an equity research analyst in the oil and gas
sector at Credit Suisse First Boston and UBS Phillips &
Drew. Dr. Bell began her career in corporate planning and
business development at Charterhouse Petroleum plc and RTZ Oil and
Gas.
Dr. Bell holds a MA Natural Sciences from
Cambridge University; a BA, Earth Sciences from Open University;
and a PhD, Archaeology of Trade from University College London.
Dr. Bell currently holds or has held the
following directorships or partnerships over the last five
years:
Current
Directorships – Public Entities |
Past
Directorships – Public Entities |
Blackrock Commodities Investment Trust plc |
Caracal Energy Inc |
Blackrock Securities Income Company Limited |
Salamander Energy plc |
Bonheur ASA |
Petroleum Geo-Services ASA |
Ophir Energy plc |
|
Tharisa plc |
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Current
Directorships- Private and Not-for-Profit |
Past
Directorships – Private and Not-for-Profit |
British School at Athens |
S4C2 Cyf |
Development Bank of Wales |
S4C Digital Media Ltd |
Hafren Scientific Ltd |
S4C Rhyngwladol Cyf |
National Museum Wales |
S4C Masnachol Cyf |
Polisi Cymru – Policy Wales |
|
The Renewable Energy Foundation |
|
Wales in London Limited |
|
Wales Millenium Centre |
|
Dr. Bell was the Non-Executive Chairman of
Barcud Derwen Ltd, a private television facilities house based in
Wales and Scotland between July 2009 and June 2010. The
company was put into administration by its directors in June of
2010 and the majority of its assets were sold at which time Dr.
Bell’s involvement with the company ceased.
Save as disclosed above, there are no further
disclosures required to be made in respect of the appointment under
Schedule 2(g) or Rule 17 of the AIM Rules for Companies.
Retiring Director, Mr. Fred
Dyment
As part of the Company’s Board of Directors
transition plan, Mr. Fred Dyment has chosen to retire from the
Board effective January 1, 2019. Mr. Dyment is a long serving
director who joined TransGlobe on February 10, 2004. During
his time with TransGlobe, Mr. Dyment chaired the Audit Committee
until May of 2018. Mr. Dyment has been a key member of the
Board and, along with senior management, helped steward the Company
through a number of challenging times such as the financial crisis
of 2009, Arab Spring and world oil price volatility. The
Board and Company wish to thank Mr. Dyment for his valuable
contributions and wish him much health and happiness in the
future.Mr. Rob Jennings commented:
“The entire Board, Management and Employees will
miss Fred. He has been a strong, positive contributor to the
Company in so many ways over a period which saw the Company
actively expand in various jurisdictions. We will miss him
and extend our sincere gratitude and very best wishes for years to
come.
We are extremely pleased to welcome Dr. Bell to
the Board as she brings a wealth of experience across finance,
capital markets and M&A, the oil and gas sector and
international exploration and development. Dr. Bell joins
TransGlobe at an opportune time as the Company continues to execute
on its strategy of building a diversified, profitable and cash flow
focused international portfolio.”
About TransGlobe
TransGlobe Energy Corporation is a cash flow
focused oil and gas exploration and development company whose
current activities are concentrated in the Arab Republic of Egypt
and Canada. TransGlobe’s common shares trade on the Toronto Stock
Exchange and the AIM market of the London Stock Exchange under the
symbol TGL and on the NASDAQ Exchange under the symbol TGA.
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For further
information, please contact: |
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Investor
Relations |
Via
FTI Consulting |
Telephone: 403.264.9888 |
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Email: investor.relations@trans-globe.com |
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Web site:
http://www.trans-globe.com |
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TransGlobe Energy |
www.trans-globe.com |
Ross
Clarkson, Chief Executive Officer |
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Randy
Neely, President |
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Eddie
Ok, Chief Financial Officer |
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Canaccord Genuity (Nomad & Joint
Broker) |
+44
(0) 20 7523 8000 |
Henry
Fitzgerald-O'Connor |
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James
Asensio |
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GMP First Energy (Joint Broker) |
+44(0)207 448 0200 |
Jonathan Wright |
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FTI Consulting (Financial PR) |
+44
(0) 203 727 1000 |
Ben
Brewerton |
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Genevieve Ryan |
transglobeenergy@fticonsulting.com |
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PDF
available: http://resource.globenewswire.com/Resource/Download/5d21d534-5159-4f1a-b70c-0b4c52b667ec
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