18 Dec 2018
Directorate Change: Appointment of Fiona MacAulay as Independent Non Executive ChairIndependent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production company focused on becoming a substantial UK gas producer, is pleased to announce the appointment of Fiona MacAulay as Independent Non-Executive Chair of the Board with effect from 1 January 2019. Fiona succeeds Mark Routh, who joined as CEO in 2011 and is currently Non-Executive Chairman, and who will step down from the Board on the same date.
Fiona joined the IOG Board in July 2018 as the Senior Independent Non-Executive Director, bringing extensive industry expertise to the Company with over 30 years' global experience with both major and independent oil companies including Mobil, Amerada Hess and BG. More recently she was COO of Rockhopper Exploration and until 31 December 2018 is the CEO of Echo Energy. She brings extensive capital markets, commercial and strategic skills to the Board in addition to being a Chartered Geologist and European President of the American Association of Petroleum Geologists. Fiona is also currently a non-executive director at Coro Energy plc and will transition to a non-executive role at Echo Energy plc in January 2019.
The company is also in the process of identifying and appointing at least one further independent Non-Executive Director, further details of which will be announced in due course.
Andrew Hockey, CEO of IOG, commented:
It has been a real pleasure working with Mark, both as Deputy CEO and as his successor as CEO. Mark guided the Company through its early growth and was instrumental in the acquisition of the Thames pipeline and in building up our high-value UK gas portfolio of over 600 BCF during some very challenging years in the industry. This will enable us to deliver real value to shareholders in the years to come. We wish Mark all the best with his future endeavours.
I am delighted that Fiona will now be stepping up as the next Chair of the Board. Fiona has a wealth of operational, technical and commercial industry expertise and is well versed in all aspects of listed energy company directorship. We look forward to her active leadership as we progress to project execution on our core reserves and to adding further value to our Southern North Sea gas portfolio.
Mark Routh, Chairman of IOG, commented:
It has been a great pleasure to lead the Board of IOG and I am proud of the valuable gas business we have built over the past few years. IOG's portfolio today has an NPV10 of over £700 million and has substantial further value growth potential. My succession plan has been successfully completed and important senior management and Board changes made to ensure delivery of shareholder value in the execution phase. I wish the Company well and look forward to following IOG's progress in the coming years with much interest as a long term, supportive shareholder.
Fiona MacAulay, Chair-designate of IOG, commented:
I am delighted to succeed Mark as Chair of the Board of IOG and to be working with Andrew and the team as they pursue IOG's cost-effective proven hub strategy in the UK Southern North Sea. Mark leaves us very well positioned to execute on our high-value gas hubs and achieve further growth in the coming years.
Fiona MacAulay will assume the position of Chair of the Remuneration Committee from the 1 January 2019 and will also chair the HSE and Technical Committee.
|Independent Oil and Gas plc
Andrew Hockey (CEO)
James Chance (CFO)
|+44 (0) 20 3879 0510|
Christopher Raggett, Anthony Adams
|+44 (0) 20 7220 0500|
|Peel Hunt LLP
Richard Crichton, David McKeown
|+44 (0) 20 7418 8900|
Georgia Edmonds, Tom Huddart, Monique Perks
|+44 (0) 20 3757 4995|
About Independent Oil and Gas:
IOG owns substantial low risk, high value gas reserves in the UK Southern North Sea. The Company is targeting a 2P peak production rate of 114 MMCF/d (c. 20,000 Boe/d) from its substantial Core Project (2P gas Reserves of 302 BCF) via an efficient hub strategy. In addition to the independently verified 2P reserves, IOG now has independently verified 2C contingent gas resources of 108 BCF in Goddard and best estimate unrisked prospective gas resources of 202 BCF in Harvey and Goddard. Alongside this IOG continues to pursue value accretive acquisitions to generate significant shareholder returns. All IOG's licences and the Thames Pipeline are owned 100% and operated by IOG.
About Fiona MacAulay:
Fiona holds a B.Sc. in Geology from London University and an MSc in Sedimentology from Reading University and has over 30 years of varied global oil and gas experience developed with both major and independent oil companies including Mobil, Amerada Hess, BG and more recently Rockhopper Exploration and Echo Energy. Her initial training with Mobil being was focused on North Sea Projects in London, Aberdeen and offshore.
In 2010, Fiona joined Rockhopper and was instrumental in the exploration and appraisal programme opening the North Falkland Basin, joining the board of the Company in March 2013 and having responsibility for the development planning of the Sea Lion Field.
In her most recent role as CEO of Echo Energy she has built a Latin American, Exploration led portfolio in Argentina and Bolivia and will be transitioning to a non-executive position with the Company in January 2019.
Fiona gained significant capital markets experience both in the UK and US with Rockhopper and in her most recent role as CEO of Echo Energy.
She also serves as a non-executive director at Coro Energy plc.