LONDON (Alliance News) - Cluff Natural Resources PLC said Friday Chair Algy Cluff will stand down from the investment firm later in the year, to be replaced by Non-Executive Director Mark Lappin.
Cluff, who also served as CEO until February 2018, will stand down at the end of the annual general meeting of the firm which last year was held in early June.
"Since stepping down as CEO last year, the company's executive management team, with significant input from Mark, have produced a tremendous platform for the next stage of activity and growth via the successful award of six additional licences in the UK's 30th licensing round and delivering a transformational farm-out with Shell on one, and possibly two of the company's licences," Algy Cluff explained.
"As a result of the farm-out with Shell, there is now a clear transition into a period of intensive oil and gas operations which will see, inter alia, the acquisition of 3D seismic in the summer of this year to support an investment decision for the drilling of at least one and potentially two wells," Cluff added.
"This is therefore the ideal time to pass the chair to Mark whose wealth of operational experience, particularly in the North Sea, is perfectly suited to guide the business through this next exciting phase of its development."
Replacing him, Lappin comes with over 35 years of oil & gas industry experience. This includes being a director at the exploration & production unit of British Gas-owner Centrica PLC as well as previous roles with ExxonMobil, Cuadrilla and Dart Energy.
"On behalf of the board I wish to express our utmost appreciation to Algy for his commitment to the company since its formation," Cluff Chief Executive Graham Swindells said.
"Algy has had a remarkable career and we are enormously grateful for his entrepreneurial spirit and advice in guiding the company through its early years," Swindell added.
"We were delighted to recently announce the farm-out of licence P2252 and the terms of an exclusive option with respect to licence P2437 with a partner of the standing of Shell. We are excited about continuing to work with Mark to build on this success and enter the next stage of the company's growth as we seek to create further value for shareholders."
Shares in Cluff were 2.7% lower at 2.31 pence on Friday.
