Europa Oil & Gas (Holdings) Plc Board Changes
November 21 2019 - 2:00AM
UK Regulatory
TIDMEOG
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
21 November 2019
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
Board Changes
The Board of Europa Oil & Gas (Holdings) plc (the "Board") announces that, by
mutual agreement, Mr Hugh Mackay, the Chief Executive Officer and an Executive
Director since 2011, has stepped down from the Board with immediate effect.
Hugh will remain an employee of the Company at this time and will be leaving
the Company on 31 December 2019 after a handover period. Mr Simon Oddie moves
from the role of Non-Executive Chairman of the Company to Interim Chief
Executive Officer and Executive Chairman, until a new Chief Executive Officer
is appointed.
Hugh's achievements while Chief Executive Officer include spearheading Europa's
very high impact exploration activities both offshore Ireland and more recently
Morocco. He has also overseen Europa's onshore UK exploration, development and
production position.
The decision to appoint a new Chief Executive Officer reflects the Company's
strategy to diversify its asset base by adding new ventures in the appraisal/
development part of the business. With regard to its existing portfolio, the
Board confirms that its farm out activities continue as set out in the
announcement of 29 October 2019, from which there is no further update.
Commenting, Simon Oddie, Chairman of Europa, said: "On behalf of the Board, I
would like to thank Hugh for his service to the Company. Hugh was appointed CEO
in 2011 and inherited a varied portfolio of exploration licences in Ireland,
France, Western Sahara and Romania as well as onshore UK production. He worked
up and focused the Company on a series of drillable exploration prospects
capable of being farmed out. As a result, Europa has very high impact
exploration positions offshore Atlantic margin in Ireland and Morocco as well
as oil development and production onshore UK. Hugh has also been successful in
attracting institutional investors to the Company's share register. This
provides Hugh's successor with a solid base for the future development of the
Company. We wish Hugh the best for the future."
Hugh Mackay said: "I have enjoyed my eight years at Europa and am proud of the
position we have built as a leading Atlantic margin explorer in Ireland and our
new entry into Morocco. I am confident that the scene is now set for positive
outcomes at Inishkea and Wressle and that the time is right for new leadership
to take the Company forward. I wish the staff, Board and shareholders of Europa
all the very best for the future."
Background on Simon Oddie
Simon, an engineer, has more than 40 years of relevant experience as a
petroleum engineer, technical consultant, manager and investment adviser in
upstream oil and gas. He has worked with Schlumberger, ERC Energy Resource
Consultants, Enterprise Oil and Gemini Oil and Gas Advisors LLP.
He was CEO of Enterprise Italy during its first operated exploration drilling
both on and offshore. Simon more recently was the architect of the Gemini Oil
and Gas royalty funds where he established a solid track record in fundraising,
investor relations, and origination, evaluation and execution of oil and gas
deals.
Background on Hugh Mackay
Hugh, a geologist, has more than 30 years experience in the oil and gas sector,
including eight years at BP in a variety of technical roles in the UK, Oman and
Egypt, then ten years at Enterprise Oil in leadership roles, culminating as
head of the SE Asia division. Hugh was part of the leadership team that sold
the Peak Group to AGR and co-founded Avannaa Resources, a leading mineral
exploration company in Greenland and which was later sold to Cairn Energy. For
the last eight years he has been CEO of Europa Oil & Gas and led its transition
to a high impact Atlantic margin explorer.
The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
* * ENDS * *
For further information please visit www.europaoil.com or contact:
Simon Oddie Europa + 44 (0) 20 7224
3770
Phil Greenhalgh Europa + 44 (0) 20 7224
3770
Christopher Raggett finnCap Ltd + 44 (0) 20 7220
0500
Simon Hicks finnCap Ltd + 44 (0) 20 7220
0500
Camille Gochez finnCap Ltd + 44 (0) 20 7220
0500
Frank Buhagiar St Brides Partners Ltd + 44 (0) 20 7236
1177
Notes
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage
hydrocarbon assets that includes production, exploration and development
interests, in countries that are politically stable, have transparent licensing
processes, and offer attractive terms. In 2019 Europa produced 91 boepd. Its
highly prospective exploration projects include the Wressle development in the
UK (targeting production start-up in 2020 at 500 bopd gross) and six licences
offshore Ireland with the potential to host gross mean un-risked prospective
resources of 6.4 billion barrels oil equivalent and 1.5 tcf gas across all six
licences. The Company's flagship project offshore Ireland is the Inishkea
prospect - a near field gas exploration project with 1.5 trillion cubic feet
('TCF') gross mean un-risked prospective gas resources.
END
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