Last checked at 4 Mar 2013 07:00
4 March 2013
Independent Resources plc
("IRG" or "the Company")
Appointment of new CEO and Directorate Changes
The Board of IRG is pleased to announce the appointment to the Board of Greg Coleman as Chief Executive Officer. As part of the Company's strategic review process, Greg will be replacing Grayson Nash who is continuing as Non-Executive Chairman. These changes are effective immediately.
The Board recognises that the Company's efforts to develop its keystone Rivara natural gas storage project in Italy have been materially set back in time due to the force majeure events we described last year. As a result, the Company's primary focus now will be on E&P. The Company is reviewing its position on its existing assets and is actively reviewing transactions that will enable the Company to return in the short term to a profitable growth trajectory.
Greg Coleman is a graduate in Geological Engineering from the University of Manitoba with a proven track record and more than 35 years' experience developing exploration and production opportunities especially in NW Europe, North Africa and the Middle East.
He worked as Managing Director for BP Norway following the merger of BP and Amoco. He then led BP's award winning Investor Relations team and was Group Vice President for Health, Safety, Security and Environment before retiring in 2006. He then started Canamens Ltd. which successfully discovered and appraised the Kraken field in the North Sea as well as building a portfolio in North Africa and Central Asia.
Grayson Nash commented:
"I put tremendous energy and personal investment over several years into the Rivara project, an uncommon opportunity and business model to which I remain very attached. Our decision to focus our efforts on quickly developing and profitably growing our E&P portfolio requires insightful leadership with sector-specific operational and transactional experience. I am delighted to welcome Greg Coleman to the Board knowing we have the right man at the helm at a time of strategic transition."
Greg Coleman commented:
"The Board is focussed on accelerating the Company's profitable development. I look forward to this exciting opportunity to create material value for our shareholders by building a portfolio of cash generating assets and high value opportunities."
For further information, please visit www.ir-plc.com or contact: | ||
Grayson Nash/Greg Coleman | Independent Resources plc | +39 06 4549 0720 |
Allan Piper/Simon Hudson | Tavistock Communications | 020 7920 3150 |
David Porter/Richard Thompson (Corporate Finance) | Seymour Pierce | 020 7107 8000 |
Richard Redmayne/David Banks (Corporate Broking)
| ||
Phil Davies / James Wood (Corporate Broking) | Charles Stanley Securities | 020 7149 6074 |
The following disclosures are being made under Schedule 2 (g) of the AIM Rules following Greg Coleman's appointment to the Board. William Gregory Coleman, age 58, is or has been a director of the following companies during the past five years.
Current
Energy EHS Research Limited**
Cange Energy Consulting Limited
Aten Exploration
Petromall Ltd
Global Energy Talent Limited
Last 5 years
Aurelian Finance Limited
AGR Group ASA
Canamens Energy Holdings Limited
Canamens Energy Limited (UK)*
Canamens Energy AS**
Canamens Energy Central Asia Limited
Canamens Energy inc
Sahara Petroleum Limited***
Canamens Energy North Sea Limited (became Enquest EMS)
Canamens UK 814 and 815 Limited (became Enquest UKCS limited)
Canamens Investments BV
Canamens Central Asia BV
Canamens Energy BV
Canamens BNG BV
Canamens Energy Morocco SARL
Canamens Poland Limited***
Canamens Tunisia BV
Canamens Middle East BV***
*underwent a Members Voluntary Liquidation in 2012
** undergoing a Members Voluntary Liquidation
*** underwent a Members Voluntary Liquidation in 2010