24 Jul 2017 07:00
24 July 2016
Eland Oil & Gas PLC
("Eland" or the "Company")
Directorate Change
Eland Oil & Gas PLC (AIM: ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is today pleased to announce the appointment of Ronald "Ron" Bain as Chief Financial Officer, a Board position, taking effect on 1 August 2017.
Ron recently led the Financial Integration Planning for the Baker Hughes / GE Oil & Gas merger. Prior to this Mr Bain was the Regional Accounting Director of Europe, Africa and Russia/Caspian for Baker Hughes, responsible for all financial reporting, financial management and compliance activities in over 40 countries. He has a depth of experience with roles of increasing scope and responsibility including Controllership, Company Secretarial, Treasury and FP&A with companies such as Baker Hughes, BJ Services, Donside Paper Company and Vetco Gray. He is a qualified Chartered Accountant FCCA.
Olivier Serra, the current CFO of Eland has agreed to step down as a Director and has resigned from the Eland board with immediate effect. He will remain as CFO until the end of the month, following which he will be staying on as a consultant to concentrate on strategic debt structure and options for the Company.
A further announcement will be made by the Company upon Mr Bain's appointment to the CFO role and Eland board on 1 August 2017.
George Maxwell, CEO of Eland, commented:
"I am delighted to welcome Ron to the Company. Ron has excellent technical and management experience which will be invaluable given the ambitions of Eland."
"I would also like to thank Olivier Serra his contribution to the Company as CFO and we look forward to him positively driving forward our strategic debt planning for the development of our Nigerian assets."
For further information:
Eland Oil & Gas PLC (+44 (0)1224 737300)
www.elandoilandgas.com
George Maxwell, CEO
Finlay Thomson, IR
Canaccord Genuity Limited (+44 (0)20 7523 8000)
Henry Fitzgerald O'Connor / James Asensio
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Adam James / Atholl Tweedie
Tom Salvesen
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Billy Clegg / Georgia Mann