13 Sep 2017
Board and Management ChangesIndependent Oil and Gas plc ("˜IOG' or the "˜Company) (AIM: IOG.L), the development and production focused oil and gas company, is pleased to announce the appointment of James Chance as Chief Financial Officer, effective immediately.
James joined IOG in July 2015 and was most recently IOG's Commercial Director working extensively on IOG's financing, business development and commercial activities. He has a strong energy financing background having formerly been a director in the Oil & Gas team at Standard Chartered Bank and holds an MBA from the London Business School, a BA from Oxford University and a PhD from London University. James has not been appointed as a director of the Company.
Hywel John, the current CFO of IOG has agreed to step down as a director and has resigned from the IOG board with immediate effect to pursue other interests.
The IOG SNS Project team is being strengthened by Ian Pollard who has joined as IOG's HS & E Manager and Jonathan Walker who joins at the beginning of October as Engineering Manager. Ian and Jonathan will work directly with Graham Cox, IOG's SNS Project Manager.
Mark Routh, CEO and Interim Executive Chairman commented:
"I am delighted to announce the appointment of James Chance to CFO. He is an experienced member of the team with knowledge of the company's finances, strategy and assets and a strong track record in energy financing. I also welcome Ian Pollard and Jonathan Walker to the Southern North Sea Project Team - these are key appointments as we continue to build our high-quality team to deliver the project and create value for all stakeholders. On behalf of the IOG Board of directors I would like to thank Hywel for his contribution to the Company and wish him well for the future.
"Significant progress with development funding and contractor discussions has been made over the summer, while our dynamic reservoir modelling work on the Vulcan Satellites hub assets was being completed. We are now moving towards final selection of contractors and submission of the Vulcan Satellites Development Plan, with publication of new CPRs on the Blythe and Vulcan Satellites hubs also expected in the coming weeks. We look forward to making further announcements soon."
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
About Independent Oil and Gas:
IOG owns substantial low risk, high value gas resources in the UK Southern North Sea. The Company is targeting 170 MMcfd gas production from its current portfolio of 500 BCF (88 MMBoe) via an efficient gas hub strategy. Alongside this it continues to pursue value accretive acquisitions, to generate significant shareholder returns. All of IOG's licences are owned 100% and operated by IOG.
Further information can be found on www.independentoilandgas.com