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20 Aug 2008 07:00
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20Β AugustΒ 2008
Ramco Energy plc
("Ramco" or "the Company")
Appointment ofΒ Non-Executive Director
Ramco,Β the Aberdeen basedΒ energy investmentΒ company,Β announcesΒ that itΒ hasΒ appointedΒ MarkΒ NicholasΒ Groves GidneyΒ (aged 49)Β to the Board ofΒ RamcoΒ as aΒ Non-Executive Director with immediate effect.
Mr Groves GidneyΒ isΒ currently a director of the following companies: EnvironmentalΒ Geosciences Limited,Β Exploration Geosciences LimitedΒ ("EGL"),Β andΒ TrapΒ OilΒ Limited.Β During the last five years Mr Groves Gidney wasΒ alsoΒ a director ofΒ ExpGeo Limited,Β Foresight Oil Limited,Β Eagle HC Limited andΒ EG Royalties Limited.Β
MarkΒ will shortlyΒ resign as Managing Director ofΒ EGL to concentrate on his new role asΒ Chief ExecutiveΒ of TrapΒ OilΒ Limited, a new UK E&P company, and also to take up this Non-Executive roleΒ with Ramco.Β Ramco recently concluded the acquisition of Eagle HC LimitedΒ ("Eagle")Β fromΒ MarkΒ GrovesΒ GidneyΒ and othersΒ ("the EGL Vendors")Β and appointed EGL as its technical advisersΒ to help acquire and manage a non-UK oil and gas portfolio.
Mark is proven explorer with over 25 years of experience in international petroleumΒ explorationΒ with a strong track record in generating prospects, acquiring and managing exploration portfolios and in building strategic relationships with oil companies and contractors.Β His technical background, industry contacts and experience will strengthen the Ramco BoardΒ as it builds a diversified energy portfolio.
As a result of the recent Eagle acquisition,Β Mr Groves Gidney is beneficially interestedΒ inΒ 1,252,094Β ordinary shares in Ramco,Β equivalent toΒ 3.0Β per cent.Β of the issued share capital and the voting rights of the Company.Β Under the terms of the Eagle acquisition further sharesΒ mayΒ be issued toΒ the EGL VendorsΒ in theΒ future, ifΒ a certain milestone is reached.
MrΒ Groves GidneyΒ has confirmed that there are no other matters to be disclosed inΒ relation to Schedule 2Β (g)Β of theΒ AIMΒ Rules.
Steve Remp,Β Ramco's Chairman,Β commented,Β "I am delighted to have Mark as a Board member.Β Β He bringsΒ a combination of outstanding energy contacts, extensive deal-making experience and hands-onΒ technical skills as founder and Managing Director of EGL, one of the industry's leading consultancies. Mark'sΒ impendingΒ departure from EGL to pursue other venturesΒ opened a timely opportunity for Ramco to secure his ongoing input into our turnaround story".
Further enquiries:
|
Ramco Energy plc Chris Moar, Finance Director |
Tel: 01224 748 480 |
|
John East & Partners Limited David WorlidgeΒ / Simon Clements |
Tel: 020 7628 2200 |
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