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Serica Energy plc
("Serica" or the "Company")
Appointment of Chief Executive Officer
London, 14 May 2024 - Serica Energy plc (AIM: SQZ), a British independent upstream oil and gas company, announces the appointment of Chris Cox as Chief Executive Officer ("CEO"). This will take effect on 1 July 2024[1], with David Latin (Chairman of Serica) ceasing his temporary role as Interim CEO at the same time.
Chris Cox has over forty years experience in oil and gas in a wide range of roles with Majors and Independents. For the last two decades he has been leading complex multi-asset and multi-country businesses including as CEO of Spirit Energy, Interim CEO at Capricorn Energy and Chairman of Kellas Midstream. Chris has experience as a non-executive director of both private equity and publicly listed companies, most recently with Nostrum Oil and Gas. Chris holds a BSc in Petroleum Engineering from Imperial College, London.
New CEO, exciting times ahead!
Why feel the need to state, "experience as a non-executive director of both private equity...." !!
I remember him from his time at Centrica backed Spirit Energy. At the time they had assets in Norway, Netherlands and the UK and produced around 100k to 150k boepd. He left in 2022 after they sold their Norwegian assets for just over $1bn to Equinor and Sval Energi in 2022.
He always came across very well and since he left Spirit they seem to have settled for nursing their ageing assets.
I hope he still has the fire in his belly, we need it!
aimo
Https://www.energyvoice.com/oilandgas/553502/ex-spirit-energy-boss-named-new-ceo-of-serica-energy/
Hope the new CEO dips his hand in his own pocket and buys a significant stake in the near future....that would be a great statement of intent
....Juicy near 8% divi to be paid in July....why wouldn't he at this price....??
Nice to see Martin Copeland CFO purchasing shares today :
London, 14 May 2024 - Serica Energy plc (AIM: SQZ), confirms that Martin Copeland, Chief Financial Officer, purchased 19,000 ordinary shares at a price of 184.9p per share in the Company.
Following this transaction, which is detailed in the PDMR Notification Dealing Form below, Mr Copeland is interested in 38,000 ordinary shares in the capital of the Company, representing 0.009657% of the Company's current issued share capital.
Malcy’s take on the new CEO :
Serica have gone for a top quality, highly experienced industry heavyweight for their new CEO. Chris has masses of experience at international companies and whilst his most recent appointments have been good companies he has saved the best until last. For once a nominations committee has made a really top call.
Agreed, NQM re: the new CEO, Chris Cox, and we all know what he needs to do and pretty quick after 1st July when he's in charge and with time running out! - sasa.
I have a gut feeling that the main reason the Serica/Kistos merger stalled was due to a clash of personalities between the respective board of directors.
Now we have a new team, and with Kistos financially squeezed, this would be the ideal time to make an approach. Kistos get the cash they need to continue to fund the Balder X project and we get entry to Norway and The Netherlands.
aimo
Suddenly a very weak SP again, despite the Director buys and buy backs....WHY??
Reasons for weakening SP...
1. Weakening oil and gas prices.
2. Imminent Labour government promising to ramp up "windfall" tax and reduce investment allowances.
3. Imminent Labour government promising to create GB Energy (whatever that means).
4. Lack of confidence that this company is serious about overseas expansion. Time will tell (but hopefully not too much time).