27th Dec 2018 07:00
27 December 2018
Amerisur Resources Plc ("Amerisur" or the "Company")
Directorate Change
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, announces that Stephen Foss has informed the Company of his intention to step down from the Board, with effect from 1 February 2019, to pursue other executive business interests at an established global asset management group, focused on emerging markets.
From 1 January 2019 Dana Coffield, independent non-executive Director will chair the remuneration committee, which will consist of Dana Coffield, Chris Jenkins and Alex Snow, all independent non-executive directors.
Following the departure of Stephen Foss, the Board comprises two Executive Directors, a Chairman and four independent non-executive Directors, exceeding the expected level of independent director representation as set out in the UK Corporate Governance Code.
Giles Clarke, Chairman of Amerisur, said:
"I would like to thank Stephen for his years of service and speak on behalf of the entire Company and Board in wishing him every success in the future. Stephen has made a major contribution to Amerisur's improvement in corporate governance over recent years."
Stephen Foss said:
"I have enormously enjoyed my time at Amerisur and wish the Company well for the future. I look forward to observing its considerable progress."
ENDS
Enquiries:
| Nick Harrison, CFO Amerisur Resources Plc | Tel: +44 (0)330 333 8246 | ||
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| Billy Clegg / Georgia Edmonds / Kimberley Taylor | Tel: +44 (0)203 757 4980 | ||
| Camarco |
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| Callum Stewart / Nicholas Rhodes / Ashton Clanfield Stifel Nicolaus Europe Limited | Tel: +44 (0)20 7710 7600 | ||
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| Chris Sim / Alexander Ruffman | Tel: +44 (0)207 597 4000 | ||
| Investec |
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| Paul Shackleton / Dan Gee-Summons Arden Partners plc | Tel: +44 (0)20 7614 5900 | ||
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Notes to editors
About Amerisur Resources
Amerisur Resources is an experienced Colombian Operator with an extensive, strategic acreage position in the underexplored Putumayo in partnership with Occidental Petroleum ("Oxy") and a strategic acreage position in Llanos in CPO-5 with partner ONGC. Amerisur is the 100% owner and operator of the OBA pipeline, a key piece of strategic, cross-border export infrastructure delivering oil from the Putumayo in Colombia into Ecuador. Amerisur produces from two fields, Platanillo in the Putumayo which generates cash flow to fund its work programme and Mariposa-1 in the Llanos basin. Amerisur has recently announced a potentially transformational discovery at Indico-1, which significantly exceeded expectations - 283 feet gross, 209 feet net oil column.
Amerisur has a robust financial position with cash generation and balance sheet to fund its work programme.
These assessments are made in accordance with the standard defined in the SPE/WPC Petroleum Resources Management System (2007).
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.
www.amerisurresources.com
Related Shares:
AMER.L