• Enegi Oil (LON:ENEG) – And?: Today's news is welcome, but the clock is now ticking and the new CEO need not be afraid of sweeping changes, as the Company has stalled. There is a good portfolio of projects, but now is the time to focus on delivery of a few, rather than increasing the project volume, as project value is derived from cash flow, not just holding them on your books.
Enegi, the independent oil and gas company, is pleased to announce that Dr. Nigel Burton (57), who has over 25 years' experience of the energy and utilities industries, has been appointed as Chief Executive Officer and a Director of the Company with immediate effect.
Nigel's experience includes operational and financial management, debt and equity financing, acquisition and integration of businesses, disposals, IPOs and trade sales. This will be highly beneficial as the Company pursues its strategy to build a portfolio of field or royalty interests in global oil and gas projects where it feels it can deliver a significant cost transformation through the application of new technical solutions.
Following over 14 years as an Investment Banker at leading City institutions including UBS Warburg and Deutsche Bank, including as the Managing Director responsible for the energy and utilities industries, Nigel spent 15 years as CFO of a number of private and public companies, including Navig8 Product Tankers Inc, PetroSaudi Oil Services Limited, Advanced Power AG, and Granby Oil and Gas plc, a UK based E&P company which was admitted to AIM in 2005 and subsequently sold in 2008.
Nigel is a Chartered Electrical Engineer (FIET) and a Past President of the IET. He gained a B.Sc. (First Class Hons) in Electrical and Electronic Engineering and a Ph.D in Acoustic Imaging at University College London.
Following Dr Burton's appointment as Chief Executive Officer of Enegi, Alan Minty will remain on the Board of Enegi in the role of Executive Chairman.
Commenting on his appointment Nigel said: "This is an exciting time to be joining Enegi as it focuses on developing a portfolio of field and royalty interests in fields which it believes it can effect a significant cost transformation through the application of flexible and cost-effective solutions. Having worked with the team for several months and watched how the MFD Consortium has been created, I believe that Enegi is well positioned to take advantage of the growing number of real opportunities in this field."
Commenting on the appointment of Dr Burton to the Board, Enegi's Chairman, Alan Minty said: "We are delighted that Nigel has agreed to join the Company as the new Chief Executive Officer of Enegi. Nigel brings extensive experience in the financing of projects in the energy and utilities industries which will be key to the commercial implementation of our strategy. Nigel will replace me in the role of Chief Executive Officer but I will continue to work with the Company in an executive capacity as Chairman, where I will concentrate on strategy and supporting the process of acquiring projects, an initiative I have worked hard to develop for many years. I am pleased to welcome Nigel to our Board and look forward to working with him to further advance the Company."
Enegi Oil Plc is an independent oil and gas company whose strategy is to build a diverse portfolio of assets with a strong emphasis on acquiring interests in marginal fields. These marginal fields are low risk highly-appraised projects and consequently the Company's entry cost will be low. Enegi will look to develop these assets utilising ABT Oil and Gas's buoyant solutions, which are appropriate and change the development economics of a project. This is also expected to enable the early booking of reserves.
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