6th Feb 2020 10:08
(Alliance News) - Genel Energy PLC said Thursday it has appointed David McManus as chair with immediate effect.
He will be stepping down from his current role as non-executive director at construction engineering Costain Group PLC with effect on May 7, in order to allow him enough time to focus on his new commitment.
McManus has been part of Costain for six years since 2014. His most recent executive role was as vice president for International Operations of US-based hydrocarbon explorer Pioneer Natural Resources Co for seven years from 2004 to 2012.
In addition, the oil & gas company has appointed Michael Fallon as senior independent director, who was formerly UK secretary of state for Defence for three years from 2014 to 2017. He was also an MP for Sevenoaks for 22 years from 1997 to 2019.
"I am delighted to welcome David to the board. He has vast experience which will help guide the company through the next phase in our development, as we build our operating capability and seek material growth. The appointments today bring significant industry and international expertise, with experience of operating, investing, and delivering major projects in the region," said Non-Executive Director George Rose.
Also on Thursday, Genel said gross production from the Tawke licence in Kurdistan, Iraq averaged 122,800 barrels of oil per day in the fourth quarter of 2019.
For the three months to the end of December, the Tawke field produced 63,900 bopd while the Peshkabir field averaged 58,900 bopd.
Looking ahead, Genel said the Peshkabir-to-Tawke gas gathering and reinjection project will be completed in the spring of 2020.
The project is designed to increase oil recovery rates at Tawke while eliminating flaring at Peshkabir.
Shares in London-based Genel Energy were up 2.5% at 194.20 pence on Thursday, while Berkshire-based Costain's shares were 2.5% lower at 191.00p.
By Dayo Laniyan; [email protected]
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