REG - Sterling Energy PLC - Executive Director Appointments & Joint Broker

AfentraAnnouncement

16/03/2021 07:05

RNS Number : 3287S
  
Sterling Energy PLC
  
16 March 2021
  
 

 
 
 
 
16 March 2021
 
 
 
Sterling Energy plc
 
Executive Director appointments
Engagement of joint broker
 
 
Sterling Energy plc ('Sterling' or the 'Company') an upstream oil and gas company listed on the AIM market of the London Stock Exchange (Ticker Symbol: SEY) announces that Mr. Paul McDade and Mr. Ian Cloke have joined the Board as executive directors of the Company, with immediate effect. 
Mr. McDade has joined as the Company's Chief Executive Officer and Mr. Cloke has joined as the Company's Chief Operating Officer.  The Company's existing CEO, Mr. Tony Hawkins, has stepped down from the Board and, after a suitable transition period, will depart the Company. The existing directors of the Company, Mr. Michael Kroupeev, Mr. Ilya Belyaev and Mr. Leo Koot will ensure there is a suitable transition to a new Board of Directors. 
Mr. McDade, the former CEO of Tullow Oil plc, and Mr. Cloke, the former EVP at Tullow Oil plc, have extensive experience and knowledge of identifying and developing oil and gas assets in West Africa and intend to refocus the Company's strategy on producing assets in this region.
 
New directors
Paul McDade: A Petroleum engineer who has over 35 years' experience in the oil & gas industry gaining broad operational, commercial and management experience in the North Sea, Latin America and Africa. He joined Tullow Oil in 2001 and was one of the Executive team who built Tullow Oil to be Africa's leading independent oil & gas company, initially as COO and latterly as CEO, before retiring from this role in December 2019. 
Ian Cloke: A Geoscientist who has over 25 years' experience in the oil and gas industry gaining broad, technical, operational, commercial and management experience in Africa, North & South America, the North Sea and South East Asia. He joined Tullow Oil in 2005 after 10 years at ExxonMobil and built operated businesses across the group as a key member of the leadership team and latterly as EVP New Ventures Business, before leaving in September 2020.
 
Corporate update
The Company is pleased to announce that it has appointed Tennyson Securities to act as the Company's Joint Broker alongside Peel Hunt with immediate effect. 
 
The Company's Non-Executive Chairman, Mr. Michael Kroupeev, said:
"I would like to welcome Paul and Ian to the Board and I look forward to working with them to transition to a new Board of Directors.  This is an exciting time for the Company as it looks to move forward with a refreshed strategy for the business. 
I would like to thank Tony for his help with the transition between shareholder groups and we wish him all the very best with his future endeavors."
 
Regulatory
The information included below is required under Rule 17 of the AIM Rules for Companies ("AIM Rules") and Schedule Two Paragraph (g) of the AIM Rules:
Paul McDade, aged 57
Mr McDade owns 2,267,000 ordinary shares in the Company. 




Current Directorships:


Past Directorships (within the last 5 years):




African Insights Limited


 




Sterling Energy (UK) Limited


 




Sterling Energy Overseas Limited


 




Sterling North West Africa Holdings Limited 


 




Sterling Energy Holdings Limited 


 




Sterling Energy (East Africa) Limited 


 




 


Eagle Drill Limited




 


Planet Oil International Limited




 


Tullow (EA) Holdings Limited




 


Tullow Argentina Limited




 


Tullow Comoros Limited




 


Tullow Congo Limited




 


Tullow Côte D'Ivoire Exploration Limited




 


Tullow Côte D'Ivoire Limited




 


Tullow Cote D'Ivoire Onshore Limited




 


Tullow EG Exploration Limited




 


Tullow Equatorial Guinea Limited




 


Tullow Ethiopia B.V.




 


Tullow Gabon Holdings Limited




 


Tullow Gabon Limited




 


Tullow Gambia Limited




 


Tullow Ghana Limited




 


Tullow Greenland Exploration Limited




 


Tullow Group Services Limited




 


Tullow Guyana B.V.




 


Tullow Jamaica Limited




 


Tullow Kenya B.V.




 


Tullow Madagascar Limited




 


Tullow Mauritania Limited




 


Tullow Mexico B.V.




 


Tullow Mozambique Limited




 


Tullow Namibia Limited




 


Tullow New Ventures Limited




 


Tullow Oil (Jersey) Limited




 


Tullow Oil (Mauritania) Limited




 


Tullow Oil 100 Limited




 


Tullow Oil 101 Limited




 


Tullow Oil Canada Limited




 


Tullow Oil Finance Limited




 


Tullow Oil Holdings (Guernsey) Limited




 


Tullow Oil Plc




 


Tullow Oil SK Limited




 


Tullow Oil SNS Limited




 


Tullow Oil SPE Limited




 


Tullow Senegal Exploration Limited




 


Tullow Tanzania B.V.




 


Tullow Uruguay Limited




 


Tullow Zambia B.V.




 
 
Ian Richard Cloke, aged 49
Mr. Cloke owns 1,733,000 ordinary shares in the Company.




Current Directorships:


Past Directorships (within the last 5 years):




Navara Energy LTD


 




 
 
For further information contact:
 
Ticker Symbol: SEY
 
Sterling Energy plc +44 (0)20 7405 4133
www.sterlingenergyplc.com/
 
Paul McDade, CEO
 
Peel Hunt LLP (Nominated Adviser and Co-Broker) +44 (0)20 7418 8900
Richard Crichton 
David McKeown
 
Tennyson Securities (Co-Broker) +44 (0)20 7186 9033
Peter Krens

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