TIDMENQ
RNS Number : 9233R
EnQuest PLC
15 December 2016
ENQUEST PLC, 15 December 2016
EnQuest PLC Board Appointments
EnQuest announces the appointment of Carl Hughes as a
Non-Executive Director. EnQuest further announces that Neil
McCulloch is being appointed as Chief Operating Officer and is to
join the Board as an Executive Director at the next AGM.
EnQuest PLC ('EnQuest') is pleased to announce the appointment
of Carl Hughes as a Non-Executive Director of the EnQuest Board,
with effect from 1 January 2017. On joining the Board, Carl Hughes
will take over from Dr Philip Nolan as Chairman of EnQuest's Audit
Committee, a position which Phil is occupying on an interim basis,
following Jock Lennox being appointed Chairman of the EnQuest Board
on 8 September 2016. Jock Lennox will cease to be a member of the
Audit Committee. Phil will remain as a member of the Audit
Committee. On joining the Board, Carl Hughes will also become a
member of the Remuneration Committee and of the Risk Committee.
Carl was previously a vice chairman and senior audit partner at
Deloitte, based in London; he was also global leader of Deloitte's
energy & resources practice. He retired from Deloitte in 2015,
with nearly 30 years' experience of the oil & gas, mining and
utilities industries, focusing principally on the provision of
audit, due diligence, transaction support and advisory services.
Carl is a trustee and member of council of the Energy
Institute.
EnQuest is also pleased to announce that Neil McCulloch,
currently EnQuest's President, North Sea, is being promoted to the
group position of Chief Operating Officer. It is intended that Neil
will join the EnQuest Board, as an Executive Director, at EnQuest's
2017 Annual General Meeting ('AGM'). Neil's existing
responsibilities for EnQuest's North Sea operations, will expand to
include production from Kraken and EnQuest's operations in
Malaysia.
Jock Lennox, Chairman of EnQuest said:
"I am delighted to welcome Carl Hughes to EnQuest as a
Non-Executive Director. Carl has many years of experience in the
energy sector and I look forward to working with him as a member of
the Board.
I am also very pleased to congratulate Neil McCulloch, both on
his appointment to the role of Chief Operating Officer ('COO') and
on being invited to join the Board. These appointments recognise
Neil's success in helping to increase EnQuest's production from a
2013 average of 24,222 Boepd, before he joined us, to 42,520 Boepd
in H1 2016."
This announcement is made pursuant to paragraph 9.6.13R of the
Listing Rules of the UK Listing Authority ('UKLA'). There are no
other disclosures to be made pursuant to the paragraph 9.6.13R
(1)-(6) of the Listing Rules.
Ends
For further information please contact:
EnQuest PLC Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive)
Jonathan Swinney (Chief Financial Officer)
Michael Waring (Head of Communications & Investor
Relations)
Tulchan Communications Tel: +44 (0)20 7353 4200
Martin Robinson
Martin Pengelley
This announcement has been determined to contain inside
information.
Carl Hughes Biography
Carl Hughes holds an MA in Philosophy, Politics and Economics,
is a Fellow of the Institute of Chartered Accountants in England
and Wales, and is a Fellow of the Energy Institute.
Carl joined Arthur Andersen in 1983, qualified as a chartered
accountant and became a partner in 1993. Throughout his
professional career he specialised in the oil & gas, mining and
utilities sectors, becoming the head of the UK energy and resources
industry practice of Andersen in 1999 and subsequently of Deloitte
in 2002. When Carl retired from the partnership of Deloitte in 2015
he was a vice chairman, senior audit partner and leader of the
firm's energy and resources business globally.
Carl is a trustee and member of council of the Energy Institute;
a member of the development board of St Peter's College, Oxford; a
member of the General Synod of the Church of England and the
finance committee of the Archbishops' Council; and vice chairman of
the board of finance of the Diocese of Southwark.
Neil McCulloch Biography
Neil is a graduate of Cambridge University and Heriot Watt
University and holds a Master's degree in Petroleum Engineering. He
began his career as a graduate trainee with British Gas E&P and
from 1996-2001 worked in a variety of technical consultancy and
investment banking roles. He then went on to spend 11 years with BG
Group in a range of senior UK and international roles, latterly as
vice president & asset general manager, UK Upstream, with
accountability for the delivery of BG's UK North Sea business. Neil
joined EnQuest in March 2014 from international oil and gas company
OMV AG, where he held the global role of senior vice president
production & engineering. Neil holds a number of external
appointments including operator co-chair of Oil and Gas UK and a
board member of the Oil and Gas Innovation Centre.
Notes to editors
EnQuest is the largest UK independent producer in the UK North
Sea. EnQuest PLC trades on both the London Stock Exchange and the
NASDAQ OMX Stockholm. Its operated assets include the
Thistle/Deveron, Heather/ Broom, Dons area, the Greater Kittiwake
Area and Alma/Galia, also the Kraken development and the
Scolty/Crathes fields; EnQuest also has an interest in the
non-operated Alba producing oil field. At the end of June 2016,
EnQuest had interests in 29 UK production licences, covering 41
blocks or part blocks and was the operator of 26 of these
licences.
EnQuest believes that the UKCS represents a significant
hydrocarbon basin, which continues to benefit from an extensive
installed infrastructure base and skilled labour. EnQuest believes
that its assets offer material organic growth opportunities, driven
by exploitation of current infrastructure on the UKCS and the
development of low risk near field opportunities.
EnQuest is replicating its model in the UKCS by targeting
previously underdeveloped assets in a small number of other
maturing regions; complementing its operations and utilising its
deep skills in the UK North Sea. In which context, EnQuest has
interests in Malaysia where its operated assets include the
PM8/Seligi Production Sharing Contract and the Tanjong Baram Risk
Services Contract.
Forward looking statements: This announcement may contain
certain forward-looking statements with respect to EnQuest's
expectation and plans, strategy, management's objectives, future
performance, production, reserves, costs, revenues and other trend
information. These statements and forecasts involve risk and
uncertainty because they relate to events and depend upon
circumstances that may occur in the future. There are a number of
factors which could cause actual results or developments to differ
materially from those expressed or implied by these forward looking
statements and forecasts. The statements have been made with
reference to forecast price changes, economic conditions and the
current regulatory environment. Nothing in this presentation should
be construed as a profit forecast. Past share performance cannot be
relied on as a guide to future performance.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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