Wed, 9th Jan 2019 07:00
9 January 2019
EGDON RESOURCES PLC
("Egdon" or "the Company")
Egdon Resources plc (AIM:EDR) announces that Jerry Field is to step down from his role as Technical Director of Egdon with immediate effect following his retirement from the Company.
Coincident with Jerry's departure we are pleased to announce that he will be replaced on the Board with immediate effect by Martin John Durham, Egdon's Exploration Director, who joined the company in September 2014.
Martin, aged 62, graduated from the University of Wales in 1978 with a Bachelor of Science Degree in Geology and also holds a Master of Science Degree in Petroleum Geology from Imperial College, London University (1982). Martin has significant industry experience gained through companies including Louisiana Land and Exploration Inc, LASMO Plc, Eni and Northern Petroleum Plc. During this time he has held senior technical and management roles for exploration and field development projects. Martin was a founding director of Union Jack Oil Plc a position he held until his appointment to Egdon in September 2014. Martin is a Fellow of the Geological Society of London and in 2012 he was awarded Honorary Life Membership of the Petroleum Exploration Society of Great Britain (PESGB). Martin currently holds the role of PESGB President.
Martin has no direct or indirect interest in ordinary shares in the Company. Martin holds share options in the Company comprising 659,341 shares at 22.75 pence per share and 773,196 shares at 9.7 pence per share. He is currently a director of Egdon Resources U.K. Limited, a subsidiary of the Company and was previously a director of Union Jack Oil Plc between September 2012 to September 2014. He has held no other directorships or partnerships in the last five years.
This announcement sets out all of the disclosures required pursuant to Schedule 2, paragraph (g) of the AIM Rules for Companies.
Commenting on the changes, Philip Stephens, the Chairman of Egdon said:
"Jerry has been a valued member of the Board and executive team since 2011, helping to develop and build the Company's conventional and unconventional resources acreage position. He was at the forefront of the technical evaluation of our assets resulting in, amongst many other achievements, the Wressle oil discovery and a farmed-out appraisal well at Biscathorpe. We thank Jerry for his significant contribution to the Company and wish him a long and happy retirement".
We welcome Martin to the Board as an executive director and look forward to continuation of his strong contribution to Egdon's business as we enter a more operational period with the drilling of wells at Biscathorpe-2 and Springs Road-1."
For further information please contact:
Egdon Resources plc
Mark Abbott 01256 702 292
Ben Romney, Chris Judd 020 7466 5000
Nominated Adviser and Broker - Cantor Fitzgerald Europe
David Porter/Nick Tulloch (Corporate Finance) 020 7894 7000
Caspar Shand Kydd (Sales)
Joint Broker - VSA Capital Limited
Andrew Monk (Corporate Broking) 020 3005 5000
Andrew Raca (Corporate Finance)
Notes to Editors:
Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company focused on onshore exploration and production in the hydrocarbon-producing basins of the UK.
Egdon holds interests in 44 licences in the UK and has an active programme of exploration, appraisal and development within its portfolio of oil and gas assets. Egdon is an approved operator in the UK.
Egdon was formed in 1997 and listed on AIM in December 2004.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain