REG - EnQuest PLC - Board Change

EnquestAnnouncement

17/06/2022 07:00

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RNS Number : 2680P  EnQuest PLC  17 June 2022

EnQuest PLC, 17 June 2022

 

BOARD CHANGE

 

EnQuest PLC ('EnQuest') today announces that Martin Houston has notified the
Board of his intention to step down as Non-Executive Chairman to focus on
his other business interests. Martin has been Chair of the Board since 1
October 2019. The timing of his departure will be confirmed once a successor
has been recruited.

 

The Board will now begin the search process for a new Non-Executive Chair,
led by Senior Independent Director Howard Paver. An announcement confirming
Martin's successor will be made in due course.

 

Under Martin's leadership, EnQuest has made good progress against its
strategic objectives. In particular, year-end net debt has been reduced to
$1,222.0 million, its lowest level since 2014. EnQuest has made three
acquisitions and is well positioned to play a growing role in the energy
transition. In addition, Martin has overseen significant improvements in
governance, including recruiting several new non-executive directors, bringing
greater diversity of gender, background and skills to the Board.

 

Amjad Bseisu, Chief Executive of EnQuest, said:

"On behalf of the Board and the management team, I would like to thank Martin
for his diligent contribution to EnQuest. With his extensive experience and
industry knowledge, he has provided valuable support to EnQuest during the
difficult years spanning the pandemic."

 

Martin Houston, Chair of EnQuest, said:

"I have much enjoyed leading the EnQuest Board, but now is the right time to
focus on my wider portfolio of companies in the sector. Over the last three
years, EnQuest has made significant progress, despite the challenges of the
pandemic and commodity price volatility. With a strengthened and diversified
Board, I believe EnQuest is well positioned for the next phase of its
journey."

 

Howard Paver, Senior Non-Executive Director of EnQuest, said:

"On behalf of the Board, I thank Martin for his strong, principled, leadership
in a period of challenge and change, both for EnQuest and our industry. Martin
has focused resolutely on serving the interests of all our shareholders."

 

Ends

 

  For further information please contact:

 

 EnQuest PLC                                                            Tel: +44 (0)20 7925 4900
 Amjad Bseisu (Chief Executive)
 Jonathan Swinney (Chief Financial Officer)
 Ian Wood (Head of Communications & Investor Relations)
 Craig Baxter (Senior Investor Relations & Communications Manager)

 Tulchan Communications                                                 Tel: +44 (0)20 7353 4200
 Martin Robinson
 Martin Pengelley
 Harry Cameron

 

Notes to editors

 

ENQUEST

EnQuest is providing creative solutions through the energy transition. As an
independent production and development company with operations in the UK North
Sea and Malaysia, the Group's strategic vision is to be the operator of choice
for maturing and underdeveloped hydrocarbon assets by focusing on operational
excellence, differential capability, value enhancement and financial
discipline.

EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX
Stockholm.

Please visit our website www.enquest.com (http://www.enquest.com) for more
information on our global operations.

 

Forward-looking statements: This announcement may contain certain
forward-looking statements with respect to EnQuest's expectations and plans,
strategy, management's objectives, future performance, production, reserves,
costs, revenues and other trend information. These statements and forecasts
involve risk and uncertainty because they relate to events and depend upon
circumstances that may occur in the future. There are a number of factors
which could cause actual results or developments to differ materially from
those expressed or implied by these forward-looking statements and forecasts.
The statements have been made with reference to forecast price changes,
economic conditions and the current regulatory environment. Nothing in this
announcement should be construed as a profit forecast. Past share performance
cannot be relied upon as a guide to future performance.

 

 

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