8 May 2015 07:00
8 May 2015
IGas Energy plc (AIM: IGAS)
("IGas" or the "Company")
Board Changes
Andrew Austin, Chief Executive Officer and co-founder of the Company, has today decided to step down from the Board and hand over to his colleague and Chief Financial Officer Stephen Bowler. The Board is pleased to announce the appointment of Stephen Bowler as Chief Executive Officer.
Andrew will work with Stephen and John Blaymires, Chief Operating Officer, to ensure a smooth transition.
Commenting today, Andrew Austin said: "I have been at IGas for more than ten years. The announcement, yesterday, of the completion of the transaction with INEOS means that the Company is entering a new phase of execution, well-funded by its partners and with a stable production base."
Commenting on Andrew's departure Chairman, Francis Gugen said: "Andrew and I have worked together since the founding of the Company. He has skilfully led IGas through a series of transformational deals which places the Company at the heart of the shale gas opportunity for Britain. On behalf of the Board, I would like to thank Andrew for his diligent commitment over the years and wish him well for the future."
Stephen Bowler added: "While sad to see Andrew leave I am excited by the opportunity to lead IGas into this next stage of its development. I want to thank Andrew for his wise counsel and support since I joined the team."
The recruitment of a new Chief Financial Officer is now underway. In addition, in keeping with the cost reduction measures also being announced today, the board of IGas and Rob Neale, the former Chairman of Dart Energy, have agreed that he will not be joining the main board.
ENQUIRIES
For further information please contact:
IGas Energy plc
Tel: +44 (0)20 7993 9899
Andrew Austin/Stephen Bowler/Ann-marie Wilkinson
Jefferies International Limited (NOMAD and Joint Corporate Broker)
Tel: +44 (0)20 7029 8000
Sara Hale/Graham Hertrich
Canaccord Genuity (Joint Corporate Broker)
Tel: +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor
Vigo Communications
Tel: +44 (0)20 7016 9570
Patrick D'Ancona/Chris McMahon