SEY.L Regulatory News (SEY)

11 May 2016

Board Changes and Director Appointment

Sterling Energy plc ("Sterling Energy" or the "Company"), the AIM listed oil and gas exploration company (AIM: SEY), today announces that its Executive Chairman Alastair Beardsall will be retiring from the Company with immediate effect after six years of service for personal reasons. Mr Beardsall will also retire from the board of directors of the Company (the "Board").

Mr Nicholas Clayton, who joined the Sterling Energy board as a Non-Executive Director in October 2009, has been appointed by the Board to succeed Mr Beardsall in the position of Non-Executive Chairman with immediate effect. Mr Clayton has provided strategic and corporate finance advice to a number of public and private oil and gas companies since January 2007. Prior to that, he held a number of senior O&G advisory, finance and banking roles, including Global Co-Head of Oil and Gas Corporate Finance for Canaccord Adams and Global Head of Oil and Gas Corporate Finance for Dresdner Kleinwort Wasserstein. He serves as a Non-Executive Director of Alpha Petroleum Resources Limited and Circle Oil plc, where he is chairman of the Remuneration Committee.

Additionally, Sterling Energy is pleased to announce the appointment of Mr Michael Kroupeev as a Non-Executive Director of Sterling Energy with immediate effect. Mr Kroupeev has 21 years' experience working within the exploration and production sector. After University in both Russia and the United Kingdom, he began his career working for Dana Petroleum plc as a Director in 1994. In 1995, Mr Kroupeev founded Waterford Finance and Investment Limited ("Waterford"). Waterford is an oil and gas focused vehicle, specialising in the financing of oil, gas and other energy related projects in emerging markets. He has been directly involved in the capital raising for natural resource projects and in acquiring, restructuring, developing and divesting such assets. Waterford has a number of substantial shareholdings in oil and gas companies with operations in Europe, Africa, North America and Australasia.

Given that Waterford and its Associates (together "Waterford") beneficially own 65,785,517 Ordinary Shares in the Company, equivalent to approximately 29.9% per cent. of the entire issued share capital of the Company, Waterford has entered into a Relationship Agreement on terms and conditions that are customary for a substantial shareholding of this nature (the "Relationship Agreement").

The composition of the Company's Audit, Nominations and Remuneration Committees will remain unchanged and Keith Henry will continue as Senior Non-Executive Director.

Comment

Nick Clayton, the Company's incoming Chairman said:

"I would like to thank Alastair, on behalf of the Board and all stakeholders, for his invaluable contribution to Sterling Energy over the past 6 years. The external environment is extremely challenging but we are well placed to take advantage of new opportunities that are beginning to emerge. We are delighted to welcome Michael Kroupeev to the Board. I am confident that Michael's experience and contacts will be important in helping Sterling Energy to deliver its strategy and realise its objectives over the coming years."

Eskil Jersing, the Company's Chief Executive Officer said:

"It has been a privilege to work with and learn from Alastair since joining Sterling Energy in early 2015. In particular, I am highly grateful for his stewardship and guidance. We wish Alastair every success in the future and thank him for his strong governance and leadership these last six years.

With Nick taking on the Chairman role and Michael joining, it will bring both valuable continuity and experience to the Board, as well as new perspectives and input on how to drive the business forward. The management team looks forward to working with the Board in an aligned and driven fashion to deliver on our strategy for growth and shareholder value. "

Further Information

Further information can be found on the Company's website at www.sterlingenergyplc.com 

In accordance with the AIM Rules, the following information required to be disclosed is set out below. Other than this information, there is no further information required to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules.