26th Sep 2008 07:00
FOR IMMEDIATE RELEASE
26th September 2008
Dragon Oil plc
("Dragon Oil", the "Group" or the "Company")
Board Restructuring
Dragon Oil, an international oil and gas exploration and production company, today announced that Mr. Hussain M. Sultan, Executive Chairman has notified the Company that he is standing down with immediate effect as the Executive Chairman of the Group. Mr. Sultan will continue on in an advisory role having tendered his resignation as a director with effect from 31 December 2008.
Mr. Sultan has been instrumental in the development of Dragon Oil since Emirates National Oil Company (ENOC) L.L.C. ("ENOC") took a majority share in the Group in 1998. During his tenure with the Group he has served as the Executive Chairman and, at times, as the CEO. Mr. Sultan has decided to leave at this time to focus on other business interests.
In light of Mr. Sultan's resignation, Dragon Oil is pleased to announce the appointment of Mr. Mohamed Al Ghurair as Non-Executive Chairman with effect from today's date. Mr. Al Ghurair was appointed to the Board of Dragon Oil as a Non-Executive Director in April 2007 and is a prominent Executive Director in a number of leading companies in the Middle East, including ENOC and the Saudi International Petrochemical Company.
Dragon Oil is also pleased to announce that existing Chief Executive Officer, Abdul-Jaleel Al-Khalifa, has now been appointed as an Executive Director on the Board with effect from today's date.
The directorships and partnerships held by Mr. Abdul-Jaleel Al-Khalifa now and over the five years preceding the date of appointment are as follows:-
|
Director |
Current Directorships/ Partnerships |
Previous Directorships/ Partnerships |
|
Mr. Abdul-Jaleel Al-Khalifa |
None. |
Society for Petroleum Engineers. ENIRepSa. |
Mr. Abdul-Jaleel Al-Khalifa does not have any shares or share options in the Company.
The Company confirms that there are no other matters requiring disclosure in relation to Regulation 6.6.7 (1) to (6) of the Irish Listing Rules and Regulation 9.6.13 (1) to (6) of the UK Listing Rules.
Hussain M. Sultan, former Executive Chairman commented:
"It is with regret that I have decided to leave Dragon Oil at this time and I will miss working with the talented and strong management team that I have helped build over the last few years. The outlook for the Group is very positive and I am confident that the new team can take Dragon Oil to the next level of growth."
Mohamed Al Ghurair, Non-Executive Chairman, commented:
"I would like to express my thanks to Mr. Sultan for the valuable services he has provided to Dragon Oil over the years. He has left a great legacy, and we will all miss him greatly and wish him well for the future.
I am proud to take over the Chairmanship at such a promising time and it is to Mr. Sultan's credit that Dragon Oil is in such a strong financial and operational position. We are entering a new chapter in the Dragon Oil story and we will aim to build on the successes achieved by Mr. Sultan over the last decade."
Background Note
Dragon Oil Plc is an innovative international oil and gas development and production company, quoted on the London and Irish Stock exchanges (Ticker symbol: DGO). Its principal producing asset is in the Cheleken Contract Area, in the eastern section of the Caspian Sea, offshore Turkmenistan and recently acquired interests in Blocks 35, 49 and R2 (10%) in the Republic of Yemen.
Dragon Oil (Turkmenistan) Ltd., a wholly owned subsidiary of Dragon Oil plc, holds 100% interest in and is the operator of the Production Sharing Agreement for the Cheleken Contract Area in the Caspian Sea, offshore Turkmenistan. Operational focus is on the re-development of two oil producing fields, Dzheitune (Lam) and Dzhygalybeg (Zhdanov).
www.dragonoil.com
For further information please contact:
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