Capital Limited Regulatory News (CAPD)

Capital Drilling Limited

("Capital Drilling", the "Group" or the "Company")

Board Changes

Capital Drilling Limited (CAPD:LN), a leading drilling solutions company focused on emerging and developing markets, announces changes to its Board of Directors. Mr Tim Read, the Company's Senior Independent Director has given notice of his intention to retire at the end of the current financial year. As part of an orderly succession process, the Company is delighted to announce the appointment of Mr David Abery as an Independent Non-Executive Director of the Company and Audit Committee Chairman, with immediate effect.

Mr Abery was previously Finance Director of Petra Diamonds Limited, from 2003 to 2016. Petra is an LSE Main Board Premium listed diamond mining Group with 2017 revenue of US$477 million and operations spanning South Africa, Tanzania and Botswana. Mr Abery, a Chartered Accountant, brings with him extensive experience of financial, commercial and strategic matters in African and UK corporate environments at both board and operational level, as well as many years' experience of corporate governance, regulatory and investor relations best practice. 

Mr Abery will take over from Mr Read as Audit Committee Chair, and will also join the Remuneration and Nomination Committees with immediate effect. There will be a transition period until 31 December 2017 during which Mr Read will continue in his role as Senior Independent Non-Executive Director and a member of the Group's Audit, Remuneration and Nomination Committees. At the end of this period, Mr Abery will be appointed as Senior Independent Non-Executive Director and Mr Read will retire from the Board.

Mr Abery is considered to meet the requirements to be classified as an independent director under the UK Corporate Governance Code.

Jamie Boyton, Chairman of Capital Drilling, commented:

 "We are delighted to welcome Mr Abery to the Board. Mr Abery brings a wealth of experience in company growth, strategy and corporate finance, as well as many years of listed company board and corporate governance experience. His skills will further broaden the Board's capabilities. I would also like to take this opportunity to thank Mr Read for his valuable contribution to Capital Drilling over the last 7 years and his assistance over the coming months as we transition the Board."

Regulatory disclosures

Mr Abery does not currently hold any Capital Drilling Ltd. shares and no further information in connection with his appointment is required to be disclosed pursuant to LR 9.6.13R of the Listing Rules of the UK Listing Authority. Mr Abery is considered to be independent from appointment for the purposes of the UK Corporate Governance Code and, following his appointment, the Board will maintain a majority of independent directors in line with the requirements of the UK Corporate Governance Code. 

For further information, please visit Capital Drilling's website www.capdrill.com or contact:

About Capital Drilling

Capital Drilling provides specialised drilling services to mineral exploration and mining companies in emerging and developing markets, for exploration, development and production stage projects. The Company currently owns and operates a fleet of 93 drilling rigs with established operations in Botswana, Egypt, Ethiopia, Kenya, Mali, Mauritania, Serbia and Tanzania. The Group's corporate headquarters is in Mauritius.