REG - SDX Energy PLC - Board Changes

SDX EnergyAnnouncement

21/09/2022 07:00

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RNS Number : 1154A  SDX Energy PLC  21 September 2022

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 AS AMENDED.

 

 

21 September 2022

SDX ENERGY PLC

 

("SDX" or the "Company")

 

Board Changes

 

·      Michael Doyle to step down as Chairman, effective immediately

·      Tim Linacre appointed as Interim Chairman, effective immediately

·      Krzysztof Zielicki, former Vice-President for M&A &
Strategy at Rosneft and formally with senior leadership positions at TNK/BP
and BP appointed to the Board as Non-Executive Director

·      Strategic hires and implementation of the new vision to be shared
over the coming weeks, focusing on rewarding our shareholders through
disciplined growth, profitability and cash flow generation

 

SDX Energy Plc (AIM: SDX), the EMEA-focused oil and gas company, announces
that Michael Doyle has informed the Board of his intention to step down as
Chairman and leave the Board with immediate effect. Tim Linacre, currently an
independent non-executive director has been appointed Interim Chairman
effective immediately. Michael will continue to act as a consultant to the
Company until 31(st) January 2023.

 

The Board is also pleased to announce the appointment of Krzysztof Zielicki as
a Non-Executive Director with immediate effect. Krzysztof has over four
decades of experience in the oil and gas industry. He has held senior
leadership positions in several Energy Majors, including BP, TNK/BP and
Rosneft, where he was Vice President for M&A and Strategy.

A process is underway to appoint a permanent Chairman and an additional
Non-Executive Director to further strengthen the Company's Board and
Governance framework. As part of the review process, the Company will be
making several strategic appointments in order to implement its new vision
focused on disciplined growth, profitability and cash flow generation through
organic and inorganic opportunities, with the support of its new major
shareholder Aleph Commodities Limited ("Aleph").

 

Over the coming weeks the Company will share its strategy and implementation
plans to grow production and deliver returns to its shareholders.

 

 

Michael Doyle said:

 

"With a new, long-term, supportive major shareholder now in place the time is
right for me to step away from the Board. I wish SDX every success going
forward."

 

Tim Linacre interim-Chairman of SDX said:

 

"On behalf of the entire Board I would like to thank Michael for his long
years of service and commitment to SDX. He has been unstinting in his efforts
and determination to move SDX forward and we have all greatly benefited from
his wise counsel over the years of his Chairmanship. I am delighted he has
agreed to remain as a consultant to the Company for the next four months to
assist with Board transition matters.

 

I welcome Krzysztof to the Board, he brings a wealth of technical and industry
experience and knowledge which will be of great support to SDX as we embark on
the next stage of growth."

 

Mark Reid, CEO of SDX said:

 

"I would like to add my personal thanks to Michael for his support and
guidance to me and the executive team.

 

We are now looking to the future, and I am delighted Krzysztof is joining the
Board.  We are already working with Aleph on organic and inorganic growth
initiatives, and I look forward to updating shareholders on the new vision for
SDX and the implementation of our strategy in the coming weeks."

AIM Disclosures

Krzysztof Antoni Zielicki, aged 65, has held the following directorships
and/or partnerships in the past five years:

 Current Directorships/Partnerships  Previous Directorships/Partnerships
 Rette Farm Holdings Limited         Nayara Energy Ltd
 Rette Farm Project Limited          Catholic Marriage Care Limited
 Rette M&A Limited

 

There are no further disclosures required to be made pursuant to Schedule 2
paragraph (g) of the AIM Rules.

 

 

 

Ends

Enquiries

SDX Energy plc

Tim Linacre, Interim-Chairman
 
Tel: + 44 (0) 203 219 5640

Mark Reid, Chief Executive Officer

Stifel Nicolaus Europe Limited (Nominated Adviser and Broker to SDX)

Callum Stewart
 
Tel: +44 (0) 20 7710 7600

Camarco (Financial PR Adviser to SDX)

Billy Clegg/Owen Roberts/Violet Wilson
 
Tel: +44 (0) 203 757 4980

 

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