(Alliance News) - Jadestone Energy PLC on Friday said that it will choose a new chair for the board, as its current non-executive chair has indicated that he will not seek re-election.
Jadestone is a Singapore-based oil and gas development company focused on the Asia Pacific region.
According to the firm, current Non-Executive Chair Dennis McShane, as well as Non-Executive Director Lisa Stewart, don't want to be re-elected to the board, and will step down ahead of the next annual general meeting.
In anticipation of this, Adel Chaouch will be appointed to the board, subject to due diligence, at which time a new chair will be selected. Chaouch was executive director and chief executive officer of ShaMaran Petroleum Corp, part of the Lundin Group of Companies, operating in the Kurdistan Region of Iraq.
"As part of Jadestone's ongoing process of board refreshment, it is time for the board to benefit from a new set of skills to help Jadestone successfully navigate its next phase of growth, and I would like to welcome Adel Chaouch as an independent non-executive director," said Chair Dennis McShane.
"He brings great international experience, having led upstream businesses globally, and will provide strong technical insight in support of board decisions going forward. It is also important to recognise the need to balance the size of the board while maintaining the appropriate capabilities, and with this appointment the board will reduce by one."
Jadestone Energy shares were flat at 23.50 pence each in London on Friday morning.
By Holly Beveridge, Alliance News reporter
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Jadestone Energy (JSE)