DGOC.L Regulatory News (DGOC)

21 October 2019

DIVERSIFIED GAS & OIL PLC

("DGO" or the "Company")

Appointment of Independent Non-executive Director and New Accounting and Legal Advisers

Diversified Gas & Oil PLC (AIM: DGOC), the U.S. based owner and operator of natural gas, natural gas liquids and oil wells as well as midstream assets, is pleased to provide the following updates. 

Appointment of Independent Non-executive Director

The Company is pleased to announce the appointment of Sandra (Sandy) Stash as an additional independent non-executive Director, effective immediately.

Sandy has over 35 years' experience in the oil and gas and mining industries and has vast, global leadership experience in operations and engineering, risk and crisis management, external affairs and communications, sustainability, health and safety and litigation. Internationally, Sandy spent many years advising businesses on natural resource, social and sustainability issues with audiences including general stakeholders, local and national media, and local, regional and national governments.

A petroleum engineering graduate of the prestigious Colorado School of Mines, Sandy spent her early career as one of the first women to work as a drilling engineer and well site supervisor at ARCO locations across North America. Sandy's subsequent work in managing discontinued businesses for ARCO and then BP, broadened her experience to include all financial, operational, legal, strategic planning and government and media affairs. After a career with ARCO, Anaconda, TNK-BP, BP, and Talisman Energy, Sandy joined Tullow Oil in October 2013 serving as Executive Vice President-Safety, Operations and Engineering, and External Affairs until moving into her present role as Executive Vice President and Executive Advisor in July 2019.

She has also served on several Boards of Directors including the Federal Reserve Bank of Minneapolis, the International Women's Forum (IWF), the Colorado School of Mines and, as Chairman, on the Montana Tech Foundation Board of Directors.

Sandy's appointment increases the size of DGO's Board to seven, four of whom are considered to be independent by the Board under the QCA Corporate Governance Code.

Commenting on the appointment, David Johnson, Chairman, said:

"We are delighted to welcome Sandy to the Board of DGO. She brings a significant amount of industry and strategic experience that will prove to be invaluable to the Company. Sandy's insight, knowledge and skills complement the Board and will enhance the Company's governance structure and practices as it prepares for its intended move to the Premium segment of the Main Market of the London Stock Exchange.

Additionally, the Company continues to evaluate additional opportunities to bring further expertise and diversity to the Board that will strengthen its governance structure and ensure the continued successful implementation of our strategy for the benefit of our shareholders, employees and other stakeholders."

Sandra Mary Stash, aged 60, has held the following directorships and/or partnerships in the past five years:

Sandy does not hold any ordinary shares in the Company. There are no further disclosures required to be made pursuant to Schedule 2 paragraph (g) of the AIM Rules.

Appointment of New Accounting & Auditing Firm

Further to its announcement made on 12 September 2019, the Company is pleased to announce that its Board has approved the proposed appointment of PricewaterhouseCoopers, LLP ("PwC") as its new registered public accounting firm.

Headquartered in London with offices in 157 countries, PwC provides audit and assurance, tax and consulting professional services across its global network. Subject to approval by the Company's shareholders at the next Annual General Meeting, PwC will serve as DGO's financial auditor beginning with the Company's financial statements for the fiscal year ending 31 December 2020. Crowe U.K. LLP ("Crowe") will continue to serve as auditor of the Company's financial statements for the fiscal year ending 31 December 2019.

Appointment of New Lead Legal Counsel

Further enhancing the Company's team of advisers, DGO is pleased to announce the appointment of Latham & Watkins LLP ("Latham") as its new lead legal counsel in the United Kingdom, replacing Wedlake Bell LLP ("Wedlake Bell"). Latham has a global legal presence that spans 14 countries and includes a staff of more than 2,700 experienced lawyers. The firm's significant presence in both the United Kingdom, where the Company is publicly quoted, and the United States, where the Company operates, positions it to provide fully integrated and efficient legal work.

Commenting on the appointments of PwC and Latham, CEO, Rusty Huston, Jr., said:

"We are grateful for the highly-qualified and diligent professional services that both Crowe and Wedlake Bell provided us during their respective periods of engagement, including milestones such as our February 2017 IPO and subsequent significant acquisitive growth. Emerging as a larger and more complex organisation, we recognised the need to align these services with the demands of being a Premium Listed, Main Market company, and to that end, we are pleased to appoint firms like PwC and Latham & Watkins. The transition is a natural and important step in demonstrating to current and future investors, employees and stakeholders DGO's ongoing commitment to the highest quality, comprehensive accounting and legal compliance."

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