6 Feb 2013 07:00
WESSEX EXPLORATION PLC
(AIM: WSX)
Directorate Change
Wessex Exploration PLC ("Wessex" or "the Company") is pleased to announce that Iain Patrick has been appointed a non-executive director of the Company with immediate effect.
Mr. Patrick has 30 years experience in the international oil and gas industry. After graduating with an LL.M in 1980, Iain worked as an oil industry lawyer before joining Monument Oil and Gas plc in 1988 where he held the position of Commercial Director until the sale of the company for £600m in 1999. Iain then co-founded PWX Limited, a consultancy providing business development support to a number of oil and gas companies. In 2006 Iain was appointed as Director of Commercial & Legal Affairs of Gulf Keystone Petroleum (UK) Limited, before joining Edgo Energy limited as Commercial Director in 2008. Iain is currently CEO of the oil and gas consultancy, Trinity Energy Limited. He was appointed as a non-executive director of Madagascar Oil Limited (AIM: MOIL) in December 2012.
Malcolm Butler, Chairman of Wessex, commented:
"I am delighted that Iain has agreed to join the Company, where his experience and expertise will prove invaluable in his role as senior independent director while I am required to take an executive role.
2013 promises to be an important year for Wessex as we continue our current four well programme in the Guyane Maritime Permit. As previously announced, GM-ES-3, the second well in the four well programme was spudded by Shell as Operator on 29 December 2012 and we look forward to updating shareholders on progress in the coming months."
The Company also announces that prior to his appointment Mr Patrick was granted share options over 2,000,000 new ordinary shares of 0.1p each ("Ordinary Shares") representing approximately 0.28 per cent. of total Ordinary Shares in issue ("the New Options"). The New Options may be exercised at 7 pence per Ordinary Share. In general, the New Options may be exercised as to one third of the New Options on or after each of the anniversaries of the date of grant commencing 4 February 2014 (being the first anniversary of the date of the Option). Entitlements to the New Options will lapse to the extent they are not exercised on or before 4 February 2023.
John (Iain) Alexander Patrick (aged 55)
Directorships in the last five years are as follows:
Name | Further Detail |
Trinity Energy Limited | |
Madagascar Oil Limited | AIM: MOIL |
Howberry Chase Management Company Limited | Resigned 27/11/2010 |
Edgo Energy Limited | Resigned 03/04/2009 |
Trinity Resources Limited | Dissolved 08/09/2010 |
There are no other disclosures required in accordance with Schedule 2(g) of the AIM Rules.
Contacts | |
Wessex Exploration PLC | www.wessexexploration.com |
Andy Yeo, Chief Financial Officer | +44 (0) 1225 428139 |
WH Ireland Limited | www.wh-ireland.co.uk |
John Wakefield / Marc Davies (Corporate Finance) | +44 (0) 117 945 3470 |
Ruari McGirr / Sebastian Wykeham (Institutional Sales) | +44 (0) 207 220 1691 |
Yellow Jersey PR | +44 (0) 776 853 7739 |
Dominic Barretto | dominic@yellowjerseypr.com |
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Notes to Editors on WSX:
Guyane
Wessex holds a net 1.25% interest in the Exclusive Exploration Licence (EEL) covering an approximate 24,100 sq.km offshore area of Guyane (a French prefecture previously known as French Guiana). The EEL interest is held via a 50/50 joint venture between Wessex and Northern Petroleum Plc, using Northpet Investments Limited as the holding company with a total interest of 2.5%. The other partners in Guyane are Shell (45% and operator), Tullow (27.5%) and Total (25%).
Juan de Nova
Wessex holds a 70% interest in the Juan de Nova Est Permit, covering 9,010 sq. km in water depths ranging from 200m to 3,000m, to the east of Juan de Nova Island in the Mozambique Channel. Wessex has been designated as operator, subject to the approval of the French authorities. Global Petroleum Limited (AIM: GBP, ASX: GBP) has a 30% interest.
Southern United Kingdom
Wessex holds three licences in southern United Kingdom - PEDL 238: 50%; PEDL 239: 25%; P1928: 35% - alongside its partner and operator, NWE Mirrabooka (UK) Pty. Ltd (a fully owned subsidiary of ASX listed Norwest Energy NL).
Saharawi Arab Democratic Republic (SADR, Western Sahara)
Wessex holds three blocks - Bojador (39,983 sq.km), Guelta (15,760 sq.km) and Imlili (16,955 sq.km) - under Assurance Agreements which cause Production Sharing Contracts to come into effect once the SADR government is able to take control of the territory. Wessex is the designated operator and holds a 50% interest; Tower Resources (AIM: TRP) has the other 50% interest.