TIDMVOG
RNS Number : 6836F
Victoria Oil & Gas PLC
11 March 2020
11 March 2020
Victoria Oil & Gas Plc
("VOG" or the "Company")
Roy Kelly Appointed as New Chief Executive Officer and Board
Change
Victoria Oil & Gas Plc, whose wholly-owned subsidiary is Gaz
du Cameroun S.A. ("GDC"), the onshore gas producer and distributor
with operations located in the port city of Douala, Cameroon, is
pleased to announce that it has appointed Mr. Roy Kelly, to the
Board of Directors of the Company as Chief Executive Officer, with
effect from 23 March 2020.
Roy is based in London and has over 35 years of technical,
commercial and managerial experience in the international energy
industry and was previously Partner, Head of Technical, at Kerogen
Capital, a specialist oil, gas and energy private equity fund with
over US$2 billion in assets under management across several funds.
He will remain on Kerogen's Technical Committee as an operating
partner.* Prior to Kerogen, Roy trained as petroleum engineer with
BP and a number of independent oil companies. He also spent 14
years in consulting and advisory roles to the energy industry,
latterly as Managing Director of Consulting at RPS Energy Ltd,
which included reserves and resource auditing, and technical and
advisory roles throughout West Africa, including Cameroon. Roy is a
Chartered Petroleum Engineer, a Fellow of the Energy Institute and
a Member of the Society of Petroleum Engineers. He holds a BSc
(Honours) from the University of Wales and a MBA from the
University of Durham.
The following additional information on Roy is provided pursuant
to paragraph (g) of Schedule Two of the AIM Rules for
Companies.
Mr. Roy Thomas Kelly (aged 59)
Current Directorships / Partnerships Past Directorships / Partnerships
(last 5 years)
Hurricane Energy Plc Kerogen Investments No.2 Ltd
Kerogen Capital (UK) Ltd Kerogen Investments No.2(A)
Venesta Advisory Ltd. Ltd
Kerogen Investments No.2(B)
Ltd
Kerogen Investments No.5 Ltd
There is no other information that is required to be disclosed
pursuant to paragraph (g) of Schedule Two of the AIM Rules for
Companies.
* Roy's role as an operating partner on the Kerogen Technical
Committee is a non-executive position and will entail him
participating periodically in meetings.
Roy presently does not hold any interest in the Company's
ordinary shares. Under the terms of his Service Agreement he will
be provided options to acquire four million shares in the Company
with a strike price of 14p in accordance with the terms and
conditions of the Company's Long Term Incentive Programme.
Upon commencement of Roy as the CEO on 23 March 2020, Ahmet Dik
will step down as both CEO and a member of the Board of Directors.
Ahmet will work with the Company during his 12 month notice period
to assist Roy and the team with the transition. Under his
contracted terms his salary reverts to its original contracted
amount during the notice period.
After this year's AGM, expected to be held in June 2020, Roger
Kennedy will move from his role as Executive Chairman to a
Non-Executive Chairman role.
Roger Kennedy , Chairman said:
"Roy is a seasoned oil and gas professional and is well known
and respected in the industry and amongst investors in the sector.
His experience in asset development, both upstream and downstream,
and history and knowledge of African oil and gas projects,
particularly in Cameroon, will be invaluable to our Company. Roy
has shown great leadership and resolve in his past positions,
building dedicated and professional teams which have successfully
executed their technical and strategic goals. He is known for a
pragmatic, hands on and direct approach to creating value. I have
known Roy professionally for eighteen years and have full
confidence that he will positively manage the Company and set it on
a new, long-term course to ensure increase of shareholder value. I
and the rest of the VOG team are extremely excited to have Roy lead
the Company forward.
I wish to thank Ahmet for his many years of service to the
Company. When Ahmet joined VOG there were a handful of customers
that were connected within a few kilometres of our then existing
pipeline. Ahmet assisted in building a team to lay 50kms of
pipeline, connecting 37 customers, and securing the Eneo Gas Supply
Agreement. Ahmet implemented many changes including cost savings by
outsourcing certain operations and negotiating the finalisation of
long standing debts. Over the past 10 months he has helped to
resolve the legacy issues of the Company (including reducing
payables, assisting with the CHL Royalty dispute, and dealing with
negotiations with RSM) and has assisted in the further development
of the Company's downstream strategy and operations with the
signing of the term sheets with both Aksa and New Age/Etinde.
With the appointment of Roy, I do not believe the Company needs
both an Executive Chairman and a Chief Executive Officer. I will
therefore become a Non-Executive Chairman directly after this
year's AGM. I agreed to the executive role because I believed in
the VOG business model. Despite the Company's historical issues,
and their impact on the VOG stock price, after months of review, I
am confident that the Board has identified all the issues and these
are being addressed. A person as experienced and respected as Roy
accepting the role as the Company's CEO is a clear indication to
me, as it should be to all shareholders, that there are still
believers in the Company's business model and that there is a
positive future for VOG. I personally am dedicated to assisting Roy
and the team in any way possible to accrete value and reinvigorate
the share price performance of VOG."
Roy Kelly , Chief Executive Officer said:
"I am excited and flattered to be joining Victoria Oil & Gas
at this time. The company has a unique position and business model
in Cameroon, and I look forward to continuing its growth in this
and other markets. The Company is not without its challenges and I
look forward to communicating clearly how we plan to tackle these
tasks for the benefit of shareholders and indeed all
stakeholders."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please visit www.victoriaoilandgas.com
or contact:
Victoria Oil & Gas Plc
Roger Kennedy Tel: +44 (0) 20 7921 8820
Kate Baldwin
Strand Hanson Limited (Nominated and Financial Adviser)
Rory Murphy / James Dance / Jack Botros Tel: +44 (0) 20 7409 3494
Shore Capital Stockbrokers Limited (Broker)
Mark Percy / Toby Gibbs (corporate advisory) Tel: +44 (0) 20 7408 4090
Jerry Keen (corporate broking)
Camarco (Financial PR)
Billy Clegg Tel: +44 (0) 20 3757 4983
Nick Hennis Tel: +44 (0) 20 3781 8330
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END
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