(Alliance News) - Gulf Keystone Petroleum on Monday announced the upcoming retirement of Chief Financial Officer Ian Weatherdon, who will be replaced by current Chief Commercial Officer Gabriel Papineau-Legris.
Gulf Keystone is an oil and gas exploration company, which operates the Shaikan field, one of the largest developments in the Kurdistan region of Iraq.
CFO Weatherdon will step down at the annual general meeting in June, having served in the role since January 2020. Weatherdon oversaw a "financially fruitful" period, Gulf Keystone said, which saw the company deliver strong production growth and "industry-leading" shareholder returns, while maintaining a strong balance sheet. Weatherdon has been considered "instrumental" in leading the company through the difficulties of the pandemic and the Iraq-Turkey pipeline shut-in, which has been ongoing since March 2023.
Last week, the company said that it was "actively engaging" with government stakeholders to restart pipeline exports, after Kurdistan crude exports were suspended following the March shut-in. Gulf Keystone is also awaiting USD151 million owed by the Kurdistan regional government for export sales between October 2022 and March 2023. Once exports resume and KRG payments are normalised, Gulf Keystone said that it will be able to realise Shaikan's "substantial" reserves and get back to its former production levels.
Gulf Keystone has named CCO Papineau-Legris as Weatherdon's replacement, who has been with the company since 2016. Papineau-Legris is the "natural successor" to Weatherdon, Gulf Keystone said, given his private equity and investment credentials, as well as his "pivotal" contributions to the company over the last seven years.
Chair Martin Angle said:"On behalf of the board, I would like to thank Ian for his substantial contribution over the past four years. He has played a key role in strengthening GKP’s balance sheet and achieving industry leading returns to shareholders during our profitable growth phase. He has also managed the company’s liquidity very successfully during difficult times, including Covid and the ITP shut-in. We wish Ian well for his deserved retirement and welcome Gabriel as the new CFO and board member."
Gulf Keystone also announced the departure of Senior Independent Director Kimberley Wood. Wood will step down from the company's board on the earlier of a replacement being appointed or the June AGM.
Shares in Gulf Keystone were down 0.2% at 100.50 pence each in London on Monday afternoon.
By Hugh Cameron, Alliance News reporter
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Gulf Keystone Petroleum (GKP)