Last checked at 11 Apr 2017 07:00
Westmount Energy Limited
("Westmount" or the "Company")
Directorate Change
The Board of Westmount announces that after 10 years of service to the Company, Mervyn Bradlow, Director, has tendered his resignation and will step down from the Board with immediate effect. The Company is also pleased to announce the appointment of Dermot Corcoran to the Board of Westmount as Director with immediate effect.
Dermot Corcoran is a petroleum geologist and geophysicist, with more than 30 years' experience working with both major and minor hydrocarbon exploration companies globally. Dermot began his career with ExxonMobil and has previously held E&P roles at Petrofina S.A., Hess and Statoil. Latterly, he was Head of Exploration at Petroceltic International PLC, from May 2006 to April 2015. Dermot's background experience includes many technical and commercial aspects of petroleum exploration, production and new business development.
Gerard Walsh, Chairman, commented:
"The Board would like to thank Mervyn for his long period of service to Westmount and its Shareholders. He has been pivotal to the success of the Company during his tenure, and a valued member of the plc Board. We wish him all the best in his retirement.
We are pleased to welcome Dermot to the Board of Westmount, and he brings with him a wealth of experience of E&P companies across a broad range of geographies and levels of maturity. We anticipate that Dermot's background and skill set will substantially contribute to our strategy to reposition the company from an energy investment vehicle to a niche E&P player."
Mervyn Bradlow commented:
"I joined the Board of Westmount in May 2007 after the sad death earlier that year of the founder of our Company, Derek Williams, having been a friend and advisor to Derek for many years. On becoming Chairman shortly thereafter, we continued his policy of realising the value of our investments and distributing the Capital profits to Shareholders. All in all we repaid 150p compared to the original placing price of 15p.
The Company, under the Chairmanship of Gerry Walsh and with the new appointment to the Board of Dermot Corcoran, is repositioning itself to facilitate direct investment in oil and gas exploration ventures and it is thus an appropriate time for me to retire from the Board. I wish the new Board, the Company and its Shareholders every success for the future."
For further information, please contact:
Westmount Energy Limited | www.westmountenergy.com |
David King, Director
| Tel: +44 (0)1534 823028 |
Cenkos Securities plc Nomad and Broker | Tel: +44 (0)20 7397 8900 |
Nicholas Wells / Elizabeth Bowman (Corporate Finance) |
Appendix
Full name (Age) | Current directorships/partnerships:
| Previous directorships: |
Dermot Corcoran (57) | Petrogen Energy Services Limited Mags Boreen Residents Management Company Limited | Petroceltic (Jersey) 2009 Holdings Limited |
As at the date of this announcement, Mr Corcoran holds 3,000,000 ordinary shares in the Company, representing approximately 13.3 per cent of the issued share capital.
There are no further disclosures to be made in accordance with paragraph (g) of Schedule Two of the AIM rules for Companies in respect of Dermot Corcoran's appointment.