Energean Oil & Gas Regulatory News (ENOG)

21 November 2019

Energean Oil & Gas plc

("Energean" or the "Company")

Directorate Changes

Karen Simon appointed Non-Executive Chairman; and

Amy Lashinsky appointed Independent Non-Executive Director

London, 21 November 2019 - Energean Oil and Gas plc (LSE: ENOG, TASE: אנאג), the oil and gas producer focused on the Mediterranean, is pleased to announce the appointment of Karen Simon, currently Independent Non-Executive Director, as Non-Executive Chairman, replacing Simon Heale, who has retired; and Amy Lashinsky as independent Non-Executive Director, all effective on 21 November 2019.

Karen Simon is newly retired from J.P. Morgan as a Vice Chairman in the Investment Bank with over 35 years of corporate finance experience with the firm. Most recently, Ms. Simon headed up Director Advisory Services, a newly established client service at J.P. Morgan focused on public company directors. From 2004 to 2016, Ms. Simon worked with private equity firms in J.P. Morgan's Financial Sponsor Coverage group and was promoted to head the European group in 2007 and the North American group in 2013. Ms. Simon held a number of other senior positions previously, including Co-Head of EMEA Debt Capital Markets and Head of EMEA Oil & Gas coverage. Ms. Simon spent 20 years of her career working in London and is a dual US/UK citizen. She currently sits on the boards of Aker ASA in Oslo, an industrial investment company, and the Texas Woman's Foundation, a non-profit charity focused on the needs of underprivileged girls and women across Texas. Ms. Simon graduated from the University of Colorado and has Masters degrees from Southern Methodist University and from the American Graduate School of International Management. 

Amy Lashinsky is a co-founder of Alaco, the international risk management company, and a member of its Board. Ms Lashinsky trained as a securities analyst on Wall Street before joining Kroll in New York in 1985. She moved to London in 1988 to help establish Kroll's first overseas office where she became Managing Director of its business intelligence unit. In 1995 Ms. Lashinsky set up Asmara Limited, which was sold to NYSE-listed Armor Holdings in 1998, before founding Alaco in 2002. Ms Lashinsky graduated from the University of Michigan.

Karen Simon is replacing Simon Heale, who is retiring from the Board, having successfully overseen Energean's transition from a small private company to a constituent of the FTSE250 and the Tel Aviv TA35.

Karen Simon, Non-Executive Director and new Chairman said:

"It is a privilege for me to step up as Chairman at Energean, a company with a clear strategy, a strong and growing asset base and a focussed, diverse and professional team. I look forward to working closely with colleagues to drive the business forward and create value for our shareholders as we execute our transition fuel strategy. On behalf of the Board I would like to thank Simon for his significant contribution to Energean and the entire Energean team offers Simon all best wishes for the future."

Simon Heale, non-executive Chairman said:

"Karen Simon has made a significant contribution to Energean since she became a Non-Executive Director in 2017 and I leave Energean in excellent hands, with listings in London and Tel Aviv, a significant development in Israel and a growing reserves and production base in the Mediterranean. With its gas-weighted strategy and portfolio, Energean is well-placed to address the many challenges and opportunities ahead. It has been an honour to serve on the Board and I wish Energean every success, going forward."

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About Energean Oil & Gas plc

Energean is a London Premium Listed FTSE 250 and Tel Aviv Listed E&P company with operations offshore Israel, Greece and the Adriatic. In August 2017 the Company received Israeli Governmental approval for the FDP for its flagship Karish-Tanin gas development project, where it intends to use the only FPSO in the Eastern Mediterranean to produce first gas in 2021. Energean has already signed firm contracts for 5.0 Bcm/yr of gas sales into the Israeli domestic market. Future gas sales agreements will focus on both the growing Israeli domestic market and key export markets in the region.

Energean has nine exploration licences offshore Israel, and a 25-year exploitation licence for the Katakolo offshore block in Western Greece and additional exploration potential in its other licences in Western Greece and Montenegro.

On 4 July 2019, Energean announced the conditional acquisition of Edison E&P for $750 million plus $100 million of contingent consideration.

www.energean.com