REG - IOG PLC - Board Changes

IogAnnouncement

24/02/2023 07:00

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RNS Number : 9163Q  IOG PLC  24 February 2023

24 February 2023

 

IOG plc

 

Board Changes

 

IOG plc ("IOG", or "the Company"), (AIM: IOG.L) announces that Fiona MacAulay,
who has been Chair of IOG since December 2018 having first joined the Board in
July 2018, has chosen not to stand for re-election as a director of the
Company at the 2023 Annual General Meeting (AGM), which is expected in May.
She will therefore be retiring as Chair and resigning as a Director following
the AGM.

 

It is the Board's intention that, following the AGM, Esa Ikaheimonen will
become Chair of IOG initially on an interim basis. Esa has been the Senior
Independent Non-Executive Director at IOG since March 2019 and is the current
Chair of the Audit Committee. He has 30 years of oil and gas industry
experience and strong board level expertise. Currently, he is CFO at ADNOC
Drilling Company PJSC and Non-Executive Director of Averda International. His
previous experience as a public company Chair includes US-listed Transocean
Partners LLC and Helsinki-listed Lamor Corporation plc. His other energy
sector board level experience includes serving as Chief Financial Officer
(CFO) and Executive Director at LSE-listed exploration and production company
Genel Energy plc, Executive Vice President and CFO of Transocean Ltd, the
world's largest offshore drilling company, and as a Non-Executive Director at
offshore drilling contractor Vantage Drilling International. Prior to
Transocean, Esa enjoyed a 20-year career at Royal Dutch Shell, culminating in
the role of Vice President Finance for Shell Africa E&P.

 

The Company has initiated a process to recruit two further Non-Executive
Directors to provide further Board strength in depth for the next phase of the
business.

 

Fiona MacAulay, outgoing Chair of IOG, commented:

 

"It has been a real honour to have served as Chair of IOG as we grew from an
unfunded concept into the UK's newest gas producer. The journey has not been
without its challenges but thanks to the team's tireless efforts, we have made
much progress in that time. Looking forward, I have great confidence that the
refreshed management team can regain momentum and realise the true potential
of this business.

 

Importantly, the Board retains two very strong Non-Executive Directors in Esa
Ikaheimonen and Neil Hawkings and work is underway to strengthen it further.
Esa has all the right qualities and professional experience to succeed in this
role, while Neil's profound UK gas operating experience, particularly in the
Southern North Sea, brings considerable value to the Company."

 

Rupert Newall, CEO of IOG, commented:

"It has been a pleasure working with Fiona as she helped guide IOG through its
development and early stages as a gas production company. We wish her the best
in her future endeavours. As we run a process to further strengthen the Board,
Esa is ideally placed to step into the role of Interim Chair. He brings his
deep understanding of the Company, a wealth of industry expertise and
extensive financial and commercial experience to the role."

Esa Ikaheimonen, incoming Chair of IOG, commented:

"I would like to thank Fiona for her great contribution to IOG's progress. I
am delighted to have the opportunity to chair the Board. I have a robust
understanding of the Company's current challenges and opportunities and am
encouraged by the new executive team's strong collaboration and desire to
succeed. Equally, I am very focused on holding them to account on delivering
the necessary changes to realise the value in this business."

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)

 Dougie Scott (COO)

 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. Production from the Company's Saturn Banks project started from the
Blythe and Elgood fields in March 2022, with Southwark planned to follow,
utilising its co-owned offshore and onshore Saturn Banks infrastructure in the
UK Southern North Sea. Further assets in IOG's current portfolio which,
subject to future investment decisions, are potentially to be commercialised
through this infrastructure include the Nailsworth, Elland, Goddard, Abbeydale
and Panther gas discoveries and the Kelham North, Kelham Central, Thornbridge
and Thornbridge Deep prospects. 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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