REG - IOG PLC - Board and Executive changes

IogAnnouncement

20/10/2022 07:00

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RNS Number : 4825D  IOG PLC  20 October 2022

20 October 2022

 

IOG plc

 

Board and Executive changes

 

IOG plc ("IOG", or "the Company"), (AIM: IOG.L), the Net Zero UK gas and
infrastructure operator focused on high return projects, announces the
following Board and executive changes.

 

After nearly five years in the role, Andrew Hockey has informed the Board of
his intention to retire as CEO and step down from the Board with immediate
effect. The Board of IOG recognises the significant contribution that Andrew
has made over his tenure at the Company. Andrew has agreed to remain with IOG
as an advisor to the Board in order to leverage his deep Southern North Sea
(SNS) geological, commercial and regulatory expertise in particular to support
IOG's participation in the recently announced 33(rd) UK Offshore Licensing
Round.

 

The Board is pleased to confirm that Rupert Newall will step up to become the
new CEO. Having led its restructuring and farm-out to CalEnergy Resources (UK)
Limited (CER) in 2019, and then joined as CFO, Rupert has played an
instrumental role in IOG's progress to becoming a UK gas producer.

 

In addition, David Gibson will step down as Chief Operating Officer (COO) with
immediate effect. The Board is pleased to announce the appointment of Dougie
Scott as the Company's new COO.  It is intended that Dougie will be appointed
to the IOG Board following satisfactory completion of regulatory due
diligence.

 

Dougie has 30 years of upstream operational experience, predominantly in the
Southern North Sea where he led teams delivering safe and reliable production,
drilling, offshore hydraulic stimulation, green and brown field projects. He
has worked amongst others for Shell, RWE Dea UK and most recently INEOS Oil
and Gas where over seven years he held the leadership positions of CEO,
Operations Director and Well Delivery and Decommissioning Director.

 

The Board is also pleased to announce the appointment of John Arthur as CFO
with immediate effect. This will not be a Board position. John is already a
trusted member of the IOG team, having been Head of Finance since joining in
early 2022, and was previously CFO at Aminex plc.

 

Fiona MacAulay, Chair of IOG, commented:

 

"Under Andrew's leadership since early 2018, IOG has been transformed against
considerable odds from an unfunded vehicle with disparate assets into a fully
funded UK gas producer. I would like to personally thank Andrew on behalf of
the Board for all his exceptional hard work and tenacity over the years and am
very pleased that he has agreed to stay on to provide his invaluable advice on
our 33(rd) licensing round ambitions. I would also like to thank David Gibson
for his tireless efforts in his time as COO, tackling several complex issues
to help IOG become the UK's newest gas producer earlier this year.

 

As IOG navigates a challenging initial phase of production and works up
further development phases, this is an appropriate time to give the executive
team fresh impetus. I am delighted to announce the appointments of Rupert
Newall as CEO and Dougie Scott as COO. Given their respective track records, I
firmly believe that we have an exceptionally strong management team with the
right skills and experience to overcome operational hurdles and grow IOG into
a leading UK gas production business."

 

Andrew Hockey, outgoing CEO of IOG, commented:

 

"It has been a real privilege to serve as IOG's CEO since 2018. We have made
great progress in that time and with IOG now established as a gas producer, it
is the right time to pass on the baton. Having worked extensively with Rupert
over my career, I can vouch for his deep industry knowledge, strategic acumen,
financial expertise and drive to succeed. He has been an outstanding asset to
IOG since I brought him in as CFO in 2019 and I believe he is the right leader
to drive the Company forward on its next stage of growth."

 

Rupert Newall, incoming CEO of IOG, commented:

 

"It is a real honour to be entrusted with the role of CEO of IOG. I would like
firstly to pay tribute to the outstanding job Andrew has done in taking IOG
from an unfunded micro-cap to an established, cash-generative UK gas
production company. I can assure our shareholders that I will fulfil my new
role with passion, drive and decisiveness, not just in addressing near-term
operational challenges but also the significant growth opportunities ahead.

 

I believe IOG has a compelling and competitive strategy focused on developing
a portfolio of discovered gas resources through owned and operated
infrastructure with a low carbon footprint. My priority is to ensure that
strategy really delivers significant returns for the benefit of all our
shareholders, whilst also playing our part in both energy security and energy
transition. My clear focus will be on leveraging IOG's core strengths,
including our key infrastructure ownership in the Saturn Banks catchment area,
deep SNS expertise, environmental differentiation and robust partnership with
CER.

 

In looking forward to the exciting opportunities ahead, both within our
existing portfolio and via complementary further additions, I am also mindful
that we learn the lessons of previous setbacks to improve our future
performance. Through proactive risk management, a refreshed operational
approach and further additions to a talented core team, we can be better
prepared to maximise the value of our established infrastructure and
production position in the years ahead."

 

Dougie Scott, incoming COO of IOG, commented:

 

"I am extremely excited to be joining IOG at this pivotal time in the
company's growth path. Andrew and the team have worked incredibly hard to put
the business in a cash generative position. The next stage of the journey is
to: establish safe, reliable, cost-effective production; deliver the high
value organic project portfolio and to continue the net zero journey. I very
much look forward to working closely with Rupert, the IOG team and key
contractors in overcoming the challenges and delivering on the business
objectives to maximise value for our shareholders."

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the company's obligations under Article 17 of
MAR.

 

Enquiries:

 

 IOG plc                                            +44 (0) 20 7036 1400

 Rupert Newall (CEO)

 James Chance (Head of Capital Markets & ESG)

 finnCap Ltd                                        +44 (0) 20 7220 0500

 Christopher Raggett / Simon Hicks

 Peel Hunt LLP                                      +44 (0) 20 7418 8900

 Richard Crichton / David McKeown

 Vigo Consulting                                    +44 (0) 20 7390 0230

 Patrick d'Ancona / Finlay Thomson

About IOG:

 

IOG is a Net Zero UK gas and infrastructure operator focused on high-return
projects. The Company's operations are currently concentrated around its
offshore and onshore Saturn Banks infrastructure in the UK Southern North Sea.
Phase 1 of its Saturn Banks Project, which started production in March 2022,
entails the commercialisation of the Blythe, Elgood and Southwark gas fields
through this infrastructure. Phase 2 of the Saturn Banks Project entails the
Nailsworth, Goddard and Elland gas discoveries, which are subject to future
investment decisions and expected to be commercialised through the same export
infrastructure. The Company also holds further licences with additional
resources including the Abbeydale, Panther and Grafton gas discoveries, the
Kelham North, Kelham Central, Thornbridge and Thornbridge Deep prospects, and
part of the Orrell gas discovery. Currently, all IOG's licences are held 50:50
with its joint venture partner CalEnergy Resources (UK) Limited and operated
by IOG. In addition, the Company continually evaluates further opportunities
for accretive portfolio additions to help generate additional shareholder
returns. Further details are available at www.iog.co.uk (http://www.iog.co.uk)
.

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