Management Changes

16 Jan 2007 07:01

Regal Petroleum PLC16 January 2007 Immediate Release 16 January 2007 REGAL PETROLEUM PLC ("Regal" or "the Company") Management Changes It is with regret that the Company announces the resignation of Roger Phillipsas Finance Director. Roger has been a Director and Chief Financial Officer ofRegal since September 2004 and having continued to support Regal through adifficult period in its history Mr Phillips will now step down as FinanceDirector with immediate effect. Roger will remain with the Company as SeniorAdvisor to the Board. The Company also announces the appointment of Gordon Stein as Chief FinancialOfficer with effect from 15th January 2007. Mr. Stein, aged 47, is a member ofthe Chartered Institute of Public Finance & Accountancy (CPFA) and member of theUK Institute of Directors. Gordon was previously Head of Finance & CompanySecretary with Fairfield Energy Limited, an upstream oil company focused on theNorth Sea, where he was one of the founders. Before Fairfield, Gordon was afounder and Finance Director of Acorn Oil & Gas Limited from June 2001 toNovember 2005. He has also held senior financial and operational managementpositions for BG plc, Centrica plc, Monument Oil & Gas plc and LASMO plc, wherehe gained experience of working in a variety of countries including Tunisia,Venezuela, Algeria and Turkmenistan, and latterly as Interim CFO of Sierra LeoneDiamond Company Limited. In total, Gordon has over 17 years' experience in theupstream oil and gas sector in the UK and internationally. Commenting on the management changes, Neil Ritson, Chief Executive Officer, said: "I am delighted to be able to announce the appointment of Gordon who has been involved in a significant number of oil and gas transactions, and has built anexcellent relationship and reputation with auditors, banks, financial institutions and investors. Gordon has a deep understanding of the oil and gas sector and his experience will bring immediate value to Regal." For further information, please contact: Regal Tel: 020 7408 9500Neil Ritson, Chief Executive OfficerFrank Scolaro, Chairman In accordance with Rule 17 of the AIM Rules, Mr Stein's disclosures in relationto directorships and partnerships held in the past five years are as follows:- • Acorn Oil & Gas Limited• Acorn North Sea Limited *• Acorn Ginko Ltd• Bookham Energy Limited• Fairfield Acer Limited• Fairfield Betula Limited• Fairfield Cedrus Limited• Fairfield Fagus Limited• Quadrant Hydrocarbons Limited• Sierra Leone Diamond Company Limited *• SLDC (UK) Limited * * denotes those companies of which Mr Stein is currently a director. Mr. Steinhas tendered his resignation as a director of Acorn North Sea Limited. Save as disclosed in this announcement, Mr Stein has confirmed that there are nofurther disclosures required pursuant to Rule 17 and Schedule Two paragraph (g)of the AIM Rules. This information is provided by RNS The company news service from the London Stock Exchange