Board and Management Changes

Seascape Energy Asia

04/06/2024 07:00

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RNS Number : 9329Q  Longboat Energy PLC  04 June 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 596/2014 AS AMENDED AND TRANSPOSED INTO UK LAW IN ACCORDANCE WITH
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").

 

4 June 2024

 

Longboat Energy plc

(the "Company", "Longboat Energy" or "Longboat")

 

Board and Management Changes

 

As part of the ongoing review of its cost base, Longboat Energy, an emerging
full-cycle E&P company currently active in Norway and Malaysia, announces
the following changes to its board and management team, as detailed in its
Notice of Annual General Meeting ("AGM") posted to shareholders today.

 

The net result of the changes will reduce the Company's board to four members
(from seven at the end of April) and is one of the cost reduction actions
resulting from the Company's ongoing review.

 

Existing Board

 

As previously announced, Brent Cheshire and Jorunn Saetre will be retiring at
the AGM. Additionally, Katherine Roe has notified the board of her intention
to step down at the AGM to focus on new executive opportunities, following the
recent acquisition of Wentworth Resources plc, where she was CEO .

 

In addition, Jonathan Cooper, currently Chief Financial Officer, has agreed to
leave the Company on 30 August 2024 after a short transition period.
Therefore, he will be step down from the board at the AGM and will not be
putting himself forward for re-appointment.

 

Jon, one of the original founders of Longboat, has been instrumental in
helping successfully build and manage the Longboat business over multiple
jurisdictions with boundless energy and enthusiasm. It is intended that the
finance function will be managed among the remaining members of the team with
some additional part-time support.

 

All four of the individuals have served on the Company's board of directors
since inception in late 2019 and have provided invaluable support and advice
during this period.

 

Proposed Board

 

A resolution will be proposed at the AGM for James Menzies to be appointed to
the Board of Directors as Executive Chairman. James has been working for
Longboat since late 2023 in a senior role focused on building the Company's
South East Asian presence where he has extensive experience having founded and
built Salamander Energy plc into a FTSE 250 company before its sale to Ophir
Energy plc in 2015. Previously, James was the Senior Partner at Lambert Energy
Advisory and has also held executive roles at Asian-focused Coro Energy and
TAP Oil. James has an MSc in Geophysics and Planetary Physics from University
of Newcastle, BSc (Hons) in Geology from London University and currently sits
as a non-executive director on the board of Trinity Exploration &
Production plc.

 

A second resolution will be proposed at the AGM for Geraldine Murphy to be
appointed to the Board of Directors as an independent non-executive director.
Geraldine brings a wealth of financial and transactional experience with over
35 years of energy investment banking and M&A advisory roles. Geraldine
currently serves as a Senior Adviser at TPH&Co., the energy business of
Perella Weinberg Partners where she was a partner and head of TPH
International since 2017. She has worked in the energy departments of Standard
Chartered Bank, CIBC World Markets and Harrison Lovegrove amongst others.
Geraldine holds a BSc. (Hons) degree in Geology and a MSc. in Petroleum
Geology from University College Dublin. Geraldine was previously a
non-executive director on the board of privately-held Impact Oil & Gas, a
partner in the giant Venus discovery offshore Namibia.

 

Graham Stewart has agreed to step down from his role as Non-Executive Chairman
but will remain on the board as a Non-Executive Director providing important
continuity and support to the new directors.

 

Subject to the outcome of the AGM to be held on 27 June 2024, the new
composition of the Longboat Energy plc board will be as follows:

 

·    Chief Executive:
                                Nick Ingrassia

·    Executive Chairman:
                                James Menzies

·    Non-executive Director:
                                Graham Stewart

·    Independent Non-executive Director:   Geraldine Murphy

 

It is anticipated that Geraldine Murphy will chair the Audit Committee and
Graham Stewart will chair the Remuneration Committee going forward.

 

Nick Ingrassia, CEO of Longboat, commented:

"I would like to express a huge debt of gratitude to Brent, Jorunn, Katherine
and Jon who have all served Longboat tirelessly since its inception in 2019.
Their contributions during the past five years have helped the business
navigate its initial listing, the challenges of COVID, successful launch of a
Norwegian business, creation of a joint venture with JAPEX and new country
entry into Malaysia.

"They should all be proud of their significant contributions to the business
through these challenging times and I am grateful they have been so
understanding of Longboat's need to streamline the business and cut costs. On
a personal level, I will miss working with them as colleagues and wish them
all success in their future endeavours."

ENDS

 Enquiries:
 Longboat Energy                                   via FTI
 Nick Ingrassia, Chief Executive

 Stifel (Nomad and Joint Broker)                   Tel: +44 20 7710 7600
 Callum Stewart                                    SNELLongboatEnergy@Stifel.com

 Jason Grossman

 Ashton Clanfield

 Cavendish Capital Markets Limited (Joint Broker)  Tel: +44 20 7397 8900
 Neil McDonald

 Pete Lynch

 Leif Powis

 FTI Consulting (PR adviser)                       Tel: +44 20 3727 1000
 Ben Brewerton                                     longboatenergy@fticonsulting.com (mailto:longboatenergy@fticonsulting.com)

 Rosie Corbett

 Catrin Trudgill

Additional Information

James Graeme Menzies (age 62)

James has over 30 years of oil & gas industry experience in a broad range
of roles, from technical practitioner to senior executive. James has served as
Chief Executive Officer of Coro Energy plc (2018-2021) and Executive Chairman
at TAP Oil (2016-2018). James was a Senior Partner at Lambert Energy Advisory
from 2001-2005, prior to founding Salamander Energy plc, a SE Asian-focussed
E&P business where he served as Chief Executive Officer from 2005-2015.
James spent much of his career at LASMO plc, as a Geophysicist in the UK North
Sea, Vietnam and Indonesia, as well as general management roles in Corporate
Strategy, Investor Relations and Mergers & Acquisitions. He graduated with
an MSc in Geophysics and Planetary Physics from University of Newcastle Upon
Tyne in 1988 and has a BSc (Hons) in Geology from London University. James is
currently a Non-Executive Director of Trinity Exploration & Production
plc.

James holds 321,872 shares in Longboat Energy plc. He has been a director or
partner of the following companies or partnerships during the five years
preceding the date of the announcement:

 Current Directorships/Partnerships        Previous Directorships/Partnerships (last five years)
 Trinity Exploration & Production plc      Apennine Energy SpA

 Topaz Advisers Limited                    Coro Asia Limited

                                           Coro Clean Energy Limited

                                           Coro Duyung Singapore PTE Limited

                                           Coro Energy plc

                                           Coro Energy Asia Limited

                                           Coro Energy Holdings Cell A Limited

                                           Coro Energy Singapore PTE Limited

                                           Coro Europe Limited

                                           Topaz Advisory Limited

                                           Topaz Energy Limited

                                           Topaz Number One Limited

Geraldine Mary Murphy (Age: 58)

Geraldine has over 35 years of energy investment banking and M&A advisory
experience.  Geraldine currently serves as a Senior Adviser at TPH&Co.
the energy business of Perella Weinberg Partners where she was a partner in
the Investment Banking division and head of TPH International since 2017. She
was previously Global Head of Oil & Gas Advisory at Standard Chartered
Bank and also served as Head of Corporate Finance Europe for the bank.
Geraldine started her career as a geologist, before moving into energy
advisory with Lovegrove & Associates, then CIBC World Markets as an
Executive Director in Calgary and London. In 1999 she joined Harrison
Lovegrove, a leading, oil and gas advisory boutique where she led multiple
landmark transactions. Geraldine holds a BSc. (Hons) degree in Geology and a
MSc. in Petroleum Geology from University College Dublin. Geraldine was
previously a non-executive director on the board of privately-held Impact Oil
& Gas, a partner in the giant Venus discovery offshore Namibia.

Geraldine holds no shares in Longboat Energy plc. She has been a director or
partner of the following companies or partnerships during the five years
preceding the date of the announcement:

 Current Directorships/Partnerships  Previous Directorships/Partnerships (last five years)
 None                                Perella Weinberg Partners UK LLP

 

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