23rd Apr 2018 09:43
LONDON (Alliance News) - Oil and gas exploration firm Hurricane Energy PLC said Monday it appointed Kenmare Resources PLC Chairman Steven McTiernan as its own non-executive chairman from the start of May.
McTiernan - chairman of Kenmare since 2013 - will replace interim chair David Jenkins. Jenkins has been in post since November 2017 after former incumbent Robert Arnott resigned. Jenkins will return to his previous role as senior independent director.
McTiernan has over 45 years of experience in the oil and gas industry, including eleven years as non-executive at Tullow Oil PLC.
"I am most enthusiastic to be joining Hurricane, one of the UK E&P sector's most exciting junior companies, at an early stage in the development and appraisal of its unique and play-opening assets," McTiernan said. "The potential scale and productivity of Hurricane's opportunity is highly significant."
"I believe that my diverse technical, financing and transaction experiences can be valuable in helping shape the future progress of the company," McTiernan added. "I am also reassured to see the steps already taken by Dr David Jenkins and the board to put in place corporate governance standards appropriate for a more mature company, and I look forward to steering further steps in this process as the Board considers the merits of application for a premium listing."
Hurricane Chief Executive Officer Robert Trice said: "I am delighted to welcome Steven to the board of Hurricane as Non-Executive Chairman. This is an extremely important time for the company as we progress towards first oil on Lancaster in H1 2019."
"As the company continues to grow," Trice added, "and considers the best way to create further value for its stakeholders, Steven's experience will prove invaluable. His background in both the oil industry and finance, particularly his significant M&A experience, is well suited to guiding the company in its next steps beyond the commencement of the EPS."
Shares in Hurricane were 1.2% higher at 39.56 pence on Monday.
Related Shares:
HUR.LKenmare Resources