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15 Jan 2015 07:00
15 January 2015
PRESIDENT ENERGY PLC
("President" or "the Company")
Management Changes
Following the conclusion of the successful 2014 drilling programme, which culminated in the company's basin opening success in Paraguay and confirmed the presence of hydrocarbons with gross prospective resources of 1 - 4 billion barrels oil equivalent, President today announces management changes to reflect the Company's transition to a more operationally focused business in 2015 and the lower oil price environment.
John Hamilton (CEO) and Dr. Richard Hubbard (COO), both based out of London, have offered to step down from the Board as of today. They will remain senior advisors to the Company and will continue to be valuable resources to the growth of President. As a result, Peter Levine will become Executive Chairman and Chief Executive while Miles Biggins (Commercial Director) will assume the role of Chief Operating Officer, with Ben Wilkinson continuing as Finance Director.
Dr. Michael Cochran (Non-Executive Director) will also be stepping down from the board effective today.
President will continue to work with a focussed Board structure, and will concentrate its resources on senior operational staff in Latin America, where its core operations are located.
In this regard President is pleased to announce the appointment of Carlos Morales as its Manager of the Argentine Operations, based in Salta. Carlos is a Senior Operations Geologist and Petroleum Engineer having been with YPF for 16 years including as the Geologist on President's Puesto Guardian fields and subsequently over 10 years with each of Halliburton and Baker Hughes.
Peter Levine, Chairman, commented:
"We are taking the opportunity to create a more streamlined Board structure, and to build our human capital closer to our operational bases. The Directors stepping down have been integral to our success in building a strong operated business in Latin America, and I thank them for their continued support to the Company. I also welcome Carlos Morales whose significant experience and local knowledge will help us develop our Latin American fields."
Contact:
President Energy PLC
Peter Levine, Chairman +44 (0) 207 016 7950
Ben Wilkinson, Finance Director +44 (0) 207 016 7950
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