PCI.L Regulatory News (PCI)

24 Feb 2009 07:00



PETROCELTIC ANNOUNCEMENT

BOARD CHANGES

Petroceltic International plc, the upstream oil and gas exploration and production company focused on North Africa and the Mediterranean, announces the appointment of Brian O'Cathain as Chief Executive. Mr O'Cathain had been Executive Chairman of the company since April 2007. Andrew Bostock, previously the Senior Non-Executive director, has been appointed as Non-Executive Chairman. 

Mr O'Cathain succeeds John Craven as Chief Executive. Mr Craven has stepped down as Chief Executive after five and a half years. Mr Bostock paid tribute to Mr Craven, stating: "John was a founder of Petroceltic and has contributed substantially to the company's development. We thank him for his services to the Company as Chief Executive and the board has recorded its gratitude for his contribution."

Mr O'Cathain previously held the positions of Managing Director of Tullow Oil's international business and Chief Executive of Afren plc. In senior management positions with Enterprise Oil and Shell International, he was principally involved with acquisitions, divestments and corporate strategy. He is a geologist and petroleum engineer with twenty five years experience in upstream oil and gas companies.

Mr Bostock joined the Board of Petroceltic as a Non Executive Director in June 2007. He has over twenty years experience of operational, technical and commercial aspects of upstream oil and gas and was formerly Technical Director of Dana Petroleum plc. He is currently also Chairman of Purepower Group Limited, a privately owned renewable energy company.

Commenting on Mr O'Cathain's appointment Mr Bostock said: "We now look forward to a very exciting period in the company's development and are fortunate indeed that somebody with the calibre and experience of Brian O'Cathain has agreed to lead the company into the future."

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