Board/Management Information • Jun 1, 2020
Board/Management Information
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RNS Number : 4536O
Advance Energy PLC
01 June 2020
1 June 2020
Advance Energy plc
("Advance" or the "Company")
CFO Appointment & Board Reorganisation
Advance Energy plc (AIM: ADV), the upstream oil and gas company focussed on building a portfolio of value accretive non-operated interests in established hydrocarbon projects, is pleased to announce the appointment of Mr Stephen West as Chief Financial Officer and Executive Director of the Company Board and the resignation of Mr Graham Smith as Non-Executive Director with effect from 1 June 2020. In addition, Mr Ross Warner has stepped down from his Executive Director position and assumed the role of Non-Executive Director.
Stephen (aged 47) holds a Bachelor of Commerce (Accounting and Business Law) and is a highly experienced Fellow Chartered Accountant (CA ANZ) and CA (ICAEW) with over 26 years of financial and corporate experience gained in public practice, oil and gas, mining and investment banking. Stephen has held several senior positions in oil and gas, and mining companies including most recently at PetroNor E&P Limited (OSE: PNOR) where he was Executive Director and Chief Financial Officer until his resignation in February 2020 after being instrumental in the successful US$100 million merger of African Petroleum Corporation Ltd and PetroNor E&P Limited in August 2019 and the subsequent integration of the two companies. He was also previously a Non-Executive Director of Apollo Consolidated Limited (ASX: AOP). He is co-founder and current Non-Executive Chairman of Zeta Petroleum plc and is also Non-Executive Chairman of TomCo Energy plc (AIM: TOM). Prior to 2002 Stephen worked in the banking sector including Barclays Capital London where he managed Global Finance Projects.
Additional information on Stephen Paul West
The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:
| Current directorships/partnerships | Past directorships/partnerships (last 5 years) |
|---|---|
| TomCo Energy plc | European Hydrocarbons Ltd (UK) |
| Zeta Petroleum plc | African Petroleum CI-513 Limited |
| Oilion Energy Limited | African Petroleum Liberia Limited |
| MFW Resources Limited | African Petroleum Drilling Services Ltd |
| Cresthaven Investments Pty Ltd | European Hydrocarbons SL Limited |
| 29 Filmer Road Management Ltd | African Petroleum Guinea Limited |
| European Hydrocarbons Ghana Ltd | |
| Past directorships/partnerships (last 5 years) | APCL Gambia B.V. |
| PetroNor E&P Limited | Regal Liberia Limited |
| PetroNor E&P Services Ltd | African Petroleum Corporation Ltd (Cayman) |
| PetroNor E&P AS | African Petroleum Senegal Limited |
| Auctus Corporation plc | European Hydrocarbons Ltd (Cayman) |
| Silk Road Oil & Gas Ltd | African Petroleum Sierra Leone Ltd |
| African Petroleum Ltd | African Petroleum Cote d'Ivoire Ltd |
| Norsve Resources Limited | African Petroleum Gambia Ltd |
| Orana Corporate LLP | Incube Investments Pty Ltd |
| Apollo Consolidated Limited | Incube Invest No1 Pty Ltd |
| African Petroleum Corporation Ltd (UK) | Aspire Minerals Pty Ltd |
Stephen holds 3,799,201 shares in the Company. Under the terms of his appointment, Stephen will be entitled to an amount of warrants in the Company calculated on a monthly basis by dividing £8,165 by the Company's mid-market price on the date of determination, being no later than the last day of each month ("Director Warrants"). The Director Warrants will accrue monthly, be issued on a quarterly basis, have an exercise price of zero, expire five years from the issue date and vest three months from the issue date.
There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.
Mark Rollins, Advance's Chairman, commented: "The Board is pleased to welcome Stephen to the Advance team. Stephen is a highly experienced and well regarded industry professional, the appointment of whom enhances and diversifies our overall management capabilities. In particular, he has deep experience of utilising capital markets effectively and overseeing value accretive M&A execution. The Company is at an exciting juncture and we look forward to capitalising on the growing pipeline of compelling opportunities that are presenting themselves in the current climate.
The Advance Board thanks Graham for his tenure as Non-Executive Director of the Company and note that Graham will continue to be involved in supporting the Company through his role at FIM Capital, which provides financial and administrative services to Advance Energy."
Advance Energy plc
Leslie Peterkin (CEO) +44 (0)1624 681 250
Mark Rollins (Chairman)
Roland Cornish / James Biddle +44 (0) 20 7628 3396
Colin Rowbury +44 (0)20 7399 9427
Christian Dennis +44 (0)20 3411 1881
For further information, please visit www.advanceplc.com
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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