20 Dec 2012 07:00
20 December 2012
IGAS ENERGY PLC
("IGas or "the Company")
Board changes
IGas is pleased to announce that Cuth McDowell has been appointed to the Board as Non-Executive Director and Chairman of the Audit Committee with immediate effect.
IGas also announces that Richard Armstrong, Non-Executive Director and Chairman of the Audit Committee, and John Hamilton, Non-Executive Director and representative of Levine Capital Management Advisors Limited, have left the Board today with immediate effect.
Mr McDowell has 33 years of international experience in the oil and gas sector, having held a range of leadership positions in Exploration and Production. He began his career with BP where he held various commercial and management roles over 8 years. Mr McDowell then joined Clyde Petroleum plc, initially as Senior Economist, subsequently becoming Group Commercial Manager before Clyde was bought by Gulf Canada. In 1997, Mr McDowell joined Paladin Resources plc, where he served primarily as Finance Director. The company raised £120million in 4 separate primary offerings before it was sold to Talisman Energy Inc. for approximately £1.2billion in 2006.
Mr McDowell is currently a Non-Executive Director of Pitkin Petroleum, a privately owned international upstream oil and gas company. Mr McDowell holds no IGas ordinary shares.
Save as set out in this announcement, there are no further disclosures to be made in respect of this appointment under Rule 17 or Schedule 2 paragraph (g) of the AIM Rules for Companies.
IGas Chairman, Francis Gugen said:
"I would like to thank Richard and John for their valued contributions since they both joined the Board over 5 years and 3 years ago, respectively. IGas has experienced a period of significant growth over this time and they have played a key part in the development of the business.
We are delighted to be welcoming Cuth to the Board and look forward to benefitting from his significant experience and expertise in a listed oil and gas company environment."
For further information please contact:
IGas Energy plc | +44 (0)20 7993 9901 |
Francis Gugen, Chairman | |
Andrew Austin, CEO | |
Stephen Bowler, CFO | |
Jefferies Hoare Govett | +44 (0)20 7029 8000 |
Sara Hale/ Jamie Buckland | |
Canaccord Genuity Limited | +44 (0)20 7523 8000 |
Rob Collins | |
Kreab Gavin Anderson | +44 (0)20 7074 1800 |
Ken Cronin/ Anthony Hughes |