PCI.L Regulatory News (PCI)

5 Jan 2010 07:00



Petroceltic International plc

Non-Executive Directorate Changes 

Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company with headquarters in Dublin, Ireland, listed on the AIM and IEX Markets, and with an operational focus on North Africa and the Mediterranean, is pleased to announce that Dr. Robert J Arnott has been appointed as a non-executive director of the Company, with immediate effect.

Dr. Arnott (age 51) is a Geologist and Energy Economist with over 25 years experience of working in the Oil Industry. Most recently he served as Head of the Advisory Board of DNO ASA and Chairman of DNO UK Ltd from 2002 to 2008, during which period DNO entered into its international ventures in Yemen and Kurdistan. He joined the industry as an Exploration Geologist with Shell International, following which he spent 10 years working as an oil sector investment analyst with a number of Investment banks in the City of London, including Hoare Govett, SG Warburg, Goldman Sachs, Morgan Stanley and HSBC. Dr Arnott was also a Senior Research Advisor with the Oxford Institute for Energy Studies for 5 years, until 2006. 

Mr. Christian Schaffalitzky has also resigned as a non-executive director of the Company with immediate effect. Mr. Schaffalitzky has been a director of Petroceltic International plc and its predecessor, Ennex International plc for 12 years, and served as Managing Director of the Company from 1997 to 2002. 

Commenting on the Board changes, Andrew Bostock, Chairman, said:

 "We are delighted to welcome Dr. Rob Arnott to the Board. Rob's wide commercial, technical and market knowledge, and in particular his understanding of oil and gas in the Middle East and North Africa will be of significant benefit to the ongoing growth and development of the Company.

Christian has played a significant part in Petroceltic's development over the last 12 years. His experience as an international natural resources businessman has been of immense assistance to the Company throughout his tenure. In particular, he made a significant contribution to the transformation of the Company from one focussed on mining, to oil and gas exploration and production. We thank him for his many years of dedicated service on the Board."

The following are the directorships and partnerships held by Dr. Arnott within the past five years:

There are no further details that are required to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM and IEX Rules. 

Ends

For further information, please contact:

Petroceltic

Brian O'Cathain Chief Executive Tel: +353 (1) 421 8300

Alan McGettigan Finance Director

Pelham PR

Philip Dennis Tel: +44 20 7337 1516 

Klara Kaczmarek Tel: +44 20 7337 1524

Murray Consultants

Joe Murray Tel: +353 (1) 4980300

Davy

Hugh McCutcheon Tel: +353 1 6796363

John Frain

Notes to Editors:

Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on the Mediterranean and North African area, and listed on the London Stock Exchange's AIM Market and the Irish Stock Exchange's IEX Market. The Company has exploration and appraisal assets in Algeria, Tunisia and Italy.