25th Apr 2007 12:10
Dragon Oil PLC25 April 2007 BOARD CHANGES Dragon Oil is pleased to announce the following re-structuring of its Board ofDirectors. Mr. Mirza Al Sayegh and Mr. Brent Kinney, both Non-Executive Directors of DragonOil, have notified the Company that, for personal reasons, they wish to bringforward the date of their retirement from the Board. Following the notificationof their retirements, the Board has decided to take this opportunity tostrengthen the Board with the appointment of four new Non-Executive Directors. Mr. Kinney will continue in office as a Director until 22 May 2007, the date ofthe Company's 2007 Annual General Meeting ("AGM"), but will now not seekre-election to the Board as previously indicated. Instead, Mr. Ahmad AlMuhairbi and Mr. Saeed Al Mazrooei will be proposed for election at the AGM asindependent Non-Executive Directors. So as to facilitate their election underthe Company's Articles of Association, it is planned to co-opt Mr. Al Muhairbiand Mr. Al Mazrooei to the Board immediately before the AGM. Mr. Al Sayegh has decided to resign with effect from 25 April 2007 and Mr. AhmadSharaf and Mr. Mohammed Al Ghurair, who will both act as representatives of theEmirates National Oil Company Limited (ENOC) LLC ("ENOC"), the majorityshareholder in Dragon Oil, have been co-opted to the Board to take effect fromthe same date. Details of changes in Dragon Oil's various committees will be determined andimplemented after the Company's Annual General Meeting. A circular containing the supplemental resolutions in relation to these mattersto be proposed to shareholders at the AGM will be posted to shareholdersshortly. These supplemental resolutions should be read in conjunction with theNotice of the Company's 2007 AGM dated 7 March 2007, recently posted toshareholders. The Company's AGM will be held at the Metropolitan Hotel on OldPark Lane, London, W1Y 4LB, England on 22 May 2007 at 11 a.m. The Chairman, Hussain M. Sultan, commented: "I would like to thank Brent and Mirza for their valuable contribution to DragonOil and for their service over the years and to wish them all the very best inthe future. I am delighted that four new non-executive directors are to jointhe Board, each of whom brings significant relevant business and industryexperience to the Company and I look forward to working with them in continuingthe development of Dragon Oil, to meet our stated goals of fully developing andproducing the fields in the Cheleken Contract Area and of diversifying ourportfolio." Further information on the new Directors Mr. Ahmad Sharaf, 40, has a background as a reservoir engineer, including aMasters degree in petroleum engineering, and has extensive experience in theupstream oil and gas industry, having spent 15 years working in variouspositions around the world for ConocoPhillips. Mr. Sharaf left ConocoPhillipsin 2004 and is now the Chief Executive Officer for Dubai Energy and is also amember of the Board of ENOC. Mr. Mohammed Al Ghurair, 54, has a degree in Mechanical Engineering and is aprominent executive Director in a number of leading companies in the MiddleEast, including ENOC and the Saudi International Petrochemical Company. Mr. Ahmad Al Muhairbi, 47, has a strong background in upstream oil and gas, witha comprehensive knowledge of well technology. Mr. Al Muhairbi has a degree inpetroleum engineering and has been involved in field development and productionsince 1988, particularly with Margham Dubai Establishment. Mr. Saeed Al Mazrooei, 46, received a Masters degree in gas engineering andmanagement from Salford University in the UK and has focused on various aspectsof the gas industry since he joined Arco International in 1985. Mr. Al Mazrooeicurrently holds the position of Deputy Vice President of Operations for DolphinEnergy. The directorships and partnerships held by each of the proposed new Directorsnow and over the five years preceding the date of appointment are as follows:- Director Current Directorships/ Partnerships Previous Directorships/ Partnerships Mr. Ahmad Sharaf Dubai Mercantile Exchange, DIFC None. Dubai Healthcare City Emirates National Oil Company (ENOC) L.L.C. Mr. Mohammed Al National Cement Co. PSC Oman Insurance Co. PSCGhurair Mashreqbank PSC Saudi International Petrochemical Co. Al Raudha Quarries Co. L.L.C. Emirates National Oil Company (ENOC) L.L.C. Mr. Ahmad Al Muhairbi None. None. Mr. Saeed Al Mazrooei Abu Dhabi Shipbuilding PJSC None. None of the new Directors has any shares or share options in the Company. The Company confirms that there are no other matters requiring disclosure inrelation to Regulation 16.6.13 (1) to (6) of the Irish Listing Rules andRegulation 9.6.13 (1) to (6) of the UK Listing Rules. Document availability - Circular in the form of a supplemental Chairman's Letter; and- Supplemental Form of Proxy for use at the Annual General Meeting. A copy of the above documents which will be issued by Dragon Oil plc will alsobe submitted to the Irish Stock Exchange and the UK Listing Authority, and willshortly be available for inspection at the following locations: 1. Company Announcements Office, Irish Stock Exchange, 28 Anglesea Street, Dublin 2, Ireland. Tel: + 353 1 6174200 2. Document Viewing Facility, UKLA, Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom. Tel: + 44 207 066 1000. Ends Citigate Dewe Rogerson (+44 20 7638 9571) Davy (+353 1 614 8000)Media enquiries: Martin Jackson Hugh McCutcheon/John FrainAnalyst enquiries: Nina Soon This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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