REG - Baron Oil PLC - Update on Changes to Board and Appointment of CFO

Baron OilAnnouncement

23/04/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240423:nRSW6541La&default-theme=true

RNS Number : 6541L  Baron Oil PLC  23 April 2024

23 April 2024

Baron Oil Plc

("Baron", or the "Company")

Update on Changes to Board of Directors and Appointment of Chief Financial
Officer

Further to the Company's announcement on 15 March 2024, Baron Oil Plc (AIM:
BOIL) is pleased to provide a further update regarding the changes to the
Company's board of Directors (the "Board") and executive positions.

Summary of changes to the Board

John Wakefield has stepped down as Chairman of the Board with effect from 22
April 2024 and Gerry Aherne has now been appointed to the Board as Baron's new
Independent Non-Executive Chairman with immediate effect.

Jon Ford, Technical Director for Baron, has elected to step down from the
Board at the end of April 2024. Jon will be retained by the Company in a
part-time consultancy role to act as a technical adviser.

Dr John Chessher has joined the Board as an Independent Non-Executive Director
with immediate effect.

At the executive level, Rob Collins has been appointed as Baron's chief
financial officer ("CFO"), currently a non-board position.

Backgrounds of new Directors and CFO

Gerry Aherne has a wealth of career experience in insurance and financial
markets, having been a founding director of PRI Group plc, a directors' and
officers' liability insurer, and having held non-executive directorships with
Henderson Group plc, Mecom Group plc, Omnis Investments Ltd and Iveagh Ltd.
 He was Investment Director at Schroder Investment Management for 16 years,
managing pension funds and unit trusts, Chairman of Electric & General
Investment Trust plc, and also Chairman of Cenkos Securities plc from 2012 to
2018.  He is currently Managing Partner of Javelin Capital Partners LLP.

Dr John Chessher is a highly experienced investment industry professional who
has held CEO and director-level positions at leading asset management and
investment banking firms.  John has extensive knowledge and experience of
corporate research and capital raising, including as CEO of Cenkos Securities
Asia and Head of Asia Pacific Research at Schroder Investment Management.  He
holds an MA in Engineering Science from Oxford University and DBA, MSc and MBA
qualifications from Henley Business School.  He is a CFA charter-holder and
currently combines non-executive and advisory roles with his position as a
lecturer at Henley Business School.

Rob Collins has over 20 years' experience in natural resources corporate
finance, advising on a broad range of corporate transactions spanning various
commodity groups and transactions primarily at Evolution Securities, Canaccord
Genuity Europe and GMP Securities Europe.  He has successfully advised on
numerous IPOs, public and private equity raises and M&A transactions for
many UK, Canadian and Australian listed companies as well as acting as CFO for
Victoria Oil & Gas Plc.  Rob commenced his career at Coopers and Lybrand
and is a qualified Chartered Accountant.

Dr Andy Butler, Chief Executive Officer, commented:

"I would like to thank John Wakefield and Jon Ford for their significant
contributions to the Board and I am delighted to welcome Gerry Aherne and John
Chessher, who I know will bring excellent guidance and oversight as we take
the Company forward.  The appointment of Rob Collins as CFO is also great
news, as he brings a wealth of expertise in financing of natural resources
projects. The refreshed Board and executive team are committed to building
shareholder value, strong governance and transparency.  The Board's priority
remains to progress and realise the value in the Chuditch project in
Timor-Leste, where we continue to prepare to drill the key appraisal well in
parallel with discussions with potential funding partners."

Further information in accordance with paragraph (g) of Schedule Two of the
AIM Rules for Companies (the "AIM Rules") is set out at the end of this
announcement.

For further information, please
contact:

Baron Oil
Plc
+44 (0) 20 7117 2849

Andy Butler, Chief Executive

Rob Collins, Chief Financial Officer

 

Allenby Capital
Limited                                +44 (0)
20 3328 5656

Nominated Adviser and Joint Broker

Nick Athanas, Nick Harriss, George Payne (Corporate Finance)

Kelly Gardiner, Stefano Aquilino (Sales and Corporate Broking)

 

Cavendish Capital Markets Limited             +44 (0) 131 220 6939
/ +44 (0) 207 397 8900

Joint Broker

Neil McDonald, Pearl Kellie (Corporate Finance)

Leif Powis (Sales)

 

IFC Advisory
Limited
+44 (0) 20 3934 6630

Financial PR and
IR
baronoil@investor-focus.co.uk

Tim Metcalfe, Florence Chandler

 

Further regulatory disclosures

The following additional information is provided in accordance with Rule 17
and Schedule Two Paragraph (g) of the AIM Rules for Companies.

 

Gerald ("Gerry") Paul Aherne (aged 78) is, or has been, a director or partner
of the following companies or partnerships during the previous five years:

 Current Directorships or Partnerships  Previous Directorships or Partnerships
 Javelin Capital Partners LLP           Phoenix Games Network Limited

                                        Electric & General Investment Fund Plc

                                        X Series Limited

 

John Robert Chessher (aged 61) is, or has been, a director or partner of the
following companies or partnerships during the previous five years:

 Current Directorships or Partnerships  Previous Directorships or Partnerships
 Mind Markets Limited (Hong Kong)       None

 

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
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAQKNBBPBKKDQB