REG-Genel Energy PLC Genel Energy PLC: Management change

Genel EnergyAnnouncement

10/06/2022 07:15

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Management change

   10-Jun-2022 / 07:00 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   10 June 2022

                                        

                                Genel Energy plc

                                        

                               Management change

    

   Genel  Energy  plc  ('Genel'  or  ‘the  Company’)  announces  that   after
   discussions with the Board following the  recent AGM, at which Bill  Higgs
   did  not  receive  the  required  50%  majority  of  votes  in  favour  of
   re-election as  a Director,  he has  agreed to  step down  as CEO  of  the
   Company with immediate effect.

    

   Dr Higgs will take up  a role as Special Advisor  to the Chairman until  1
   September 2022,  to support  an orderly  transition, after  which he  will
   remain as a consultant to the Company.

    

   Paul Weir, COO, has been appointed as Interim CEO with immediate effect. A
   search for a suitable replacement is now ongoing and an announcement  will
   be made in due course.

    

   Paul joined Genel in January 2020, having worked for more than 30 years in
   upstream E&P with experience in the North Sea, South East Asia and Africa.
   Before joining Genel,  Paul was  Group Head  of Operations  and Safety  at
   Tullow Oil, having previously spent 13 years at Talisman as VP  Production
   and Exploration, and also worked in a variety of roles at Nippon Oil, Elf,
   Occidental, and Total.

    

   David McManus, Chair, said:

   “Bill worked tirelessly  at Genel  and oversaw  a positive  change in  the
   strategic direction, operational capability,  and culture of the  Company.
   He steps down  as CEO  with Genel well  positioned to  utilise our  robust
   balance sheet and material cash generation to fund growth and underpin our
   material and progressive dividend for the long-term.

    

   Paul has  been  a key  contributor  to the  transition  of Genel  into  an
   operator with interests  in more producing  assets than any  other IOC  in
   Kurdistan, and, given his longstanding operational experience with a range
   of world class companies, is perfectly placed to lead the team as it seeks
   to progress its next phase of growth.”

    

                                     -ends-

    

   For further information, please contact:

    

   Genel Energy
                                         +44 20 7659 5100
   Andrew Benbow, Head of Communications
                                          
   Vigo Consulting
                                         +44 20 7390 0230
   Patrick d’Ancona 

    

   Notes to editors:

   Genel Energy is  a socially responsible  oil producer listed  on the  main
   market   of    the    London    Stock   Exchange    (LSE:    GENL,    LEI:
   549300IVCJDWC3LR8F94). The  Company is  one of  the largest  London-listed
   independent hydrocarbon producers, with an asset portfolio that  positions
   us well for a future of fewer and better natural resources projects. Genel
   has low-cost and low-carbon production from the Sarta, Taq Taq, and  Tawke
   licences in the Kurdistan Region  of Iraq, providing financial  resilience
   that allows  investment  in growth  and  the  payment of  a  material  and
   progressive dividend.  Genel  also  continues  to  pursue  further  growth
   opportunities.    For    further    information,    please    refer     to
    1 www.genelenergy.com.

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   ISIN:          JE00B55Q3P39, NO0010894330
   Category Code: MSCH
   TIDM:          GENL
   LEI Code:      549300IVCJDWC3LR8F94
   Sequence No.:  167358
   EQS News ID:   1372523


    
   End of Announcement EQS News Service

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References

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