Genel Energy PLC: Appointment of Chief Executive Officer (796785)
April 08 2019 - 2:01AM
UK Regulatory
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Genel Energy PLC (GENL)
Genel Energy PLC: Appointment of Chief Executive Officer
08-Apr-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
8 April 2019
Genel Energy plc
Appointment of Chief Executive Officer
Genel Energy plc ('Genel' or 'the Company') is pleased to announce the
appointment of Dr. Bill Higgs as Chief Executive Officer, and as a member of
the Board of Directors, with immediate effect. Esa Ikaheimonen, Chief
Financial Officer, has also been appointed to the Board.
Dr. Higgs joined Genel as Chief Operating Officer in October 2017, and has
since led on the delivery and expansion of our Kurdistan Region of Iraq oil
business. Having 30 years of global exploration, development and operations
experience, Bill is a qualified geologist with extensive expertise in all
engineering and other technical and commercial aspects of hydrocarbon
development and production. As well as being an Executive Director and Chief
Operating Officer for Ophir Energy plc and Chief Executive Officer of
Mediterranean Oil and Gas, he previously spent 23 years at Chevron across a
number of global roles.
Murat Özgül will not stand for re-election at the Annual General
Meeting, and has stepped down from the Board with immediate effect. Murat
has taken up a transitional role as Special Adviser to the Board. He will
remain with the Company until early 2020 to support key strategic
initiatives, notably the progression of plans for the development of the
Bina Bawi licence, where negotiations with the Kurdistan Regional Government
('KRG') are continuing.
Mr. Özgül became CEO of Genel in July 2015, at a challenging time in
both the oil industry as a whole and in the regional political situation.
The Company had net debt of c.$220 million and was owed a net trade
receivable with the KRG of c.$378 million. Regular payments for oil exports
began shortly thereafter, and the Receivable Settlement Agreement ('RSA')
was signed in August 2017. The RSA and continuing monthly payments have
transformed the Company and its financial position. As at 28 February 2019,
Genel had a net cash position of $81 million.
Murat Özgül, Special Adviser to the Board:
"It has been a pleasure to have worked with all of our stakeholders and
everyone at Genel as CEO. I am delighted that the Company is in such a
strong position and is generating sufficient cash flow from assets in the
Kurdistan Region of Iraq that Genel can both ramp up investment in growth,
initiate a material and sustainable dividend policy, and still generate
material free cash flow. I look forward to seeing Bill and the team deliver
the tremendous potential in the portfolio, and working with him over the
coming months."
Stephen Whyte, Chairman of Genel:
"Murat has made an invaluable contribution to the development of Genel. He
was integral to the signing of the Receivable Settlement Agreement, which
transformed the Company's financial prospects, and we look forward to
continue working with him as we progress the Bina Bawi licence.
Bill was recruited by the Board as a potential successor to Murat, and has
already made a tremendous contribution to our operations and the addition of
further growth prospects. He is the right person to continue growing the
Company and delivering on our strategy, as we look to provide investors with
a compelling proposition combining both growth and a material annual
return."
In accordance with Listing Rule 9.6.13(1) the Company confirms that Dr.
Higgs is currently a director of San Leon Energy plc and between August 2014
and July 2017 was a director of Ophir Energy plc. Esa Ikaheimonen is
currently a director of Independent Oil & Gas PLC, between February 2016 and
August 2018 was a director of Vantage Drilling International, was Chairman
of Transocean Partners plc from April 2014 to June 2015, and non-executive
director of Ahlstrom plc from April 2011 to April 2015. There is no other
information required to the disclosed under Listing Rule 9.6.13R(2) to
9.613(6) inclusive.
-ends-
For further information, please contact:
Genel Energy +44 20 7659 5100
Andrew Benbow, Head of Communications
Vigo Communications +44 20 7390 0230
Patrick d'Ancona
This announcement includes inside information.
Notes to editors:
Genel Energy is an independent oil and gas exploration and production
company listed on the main market of the London Stock Exchange (LSE: GENL,
LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and
offices in Ankara and Erbil, is one of the largest London-listed independent
oil producers, and is the largest holder of reserves and resources in the
Kurdistan Region of Iraq. Genel has highly cash-generative oil production
from the Taq Taq and Tawke licences, with material growth potential from
other assets in the portfolio. Genel also continues to pursue further growth
opportunities. For further information, please refer to www.genelenergy.com
[1].
ISIN: JE00B55Q3P39
Category Code: BOA
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 8119
EQS News ID: 796785
End of Announcement EQS News Service
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April 08, 2019 02:01 ET (06:01 GMT)
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