23rd Aug 2007 15:47
Island Oil and Gas PLC23 August 2007 23 August 2007 ISLAND OIL & GAS ANNOUNCES BOARD REORGANISATION IN LINE WITH PROJECT PROGRESS Island Oil & Gas plc ("Island" or the "Company") (LSE:IOG) today announces thatit is in the process of reorganising its Board of Directors to reflect itsposition as a successful operator offshore Ireland. The first phase of thereorganisation will see the appointment of Commercial Manager, Karl Noel StephenPrenderville to the position of Commercial Director, responsible for commercialactivities including gas sales, financial planning, economics, taxation andinvestment and banking, with effect from 23 August 2007. Karl, age 46, an Irish National, has over 25 years experience in the oil and gasindustry in a number of senior commercial, financial and management roles. He isa qualified accountant (Institute of Financial Accountants). Karl has awide-ranging knowledge of the oil and gas industry and an extensive contact baseboth within Ireland and internationally. He has considerable commercial andfinancial experience in areas such as government negotiations, financial andbusiness services management, economics and project cost control. Karl's career started in 1981 as an Operations Accountant for Sovereign Oil &Gas mainly working on North Sea operations. In 1986 Karl joined Enterprise Oil,where he spent 16 years on exploration and development projects in Ireland, UK,Indonesia, Cambodia, Vietnam and the Seychelles. From 1997 to 2002, Karl was Business Services Manager and subsequently FinanceDirector of Enterprise Energy Ireland Ltd where he was responsible forestablishing the company's headquarters in Dublin and managing its growth,following the Corrib Gas Field discovery, from a small exploration office in1997 to an organisation of around 120 staff. Karl was a Director of Enterprise Energy Ireland from 2000 to 2002. He was alsoa Director of Enterprise Energy Services Limited and Enterprise Energy IrelandOffshore Inc. from 2001 to 2002. He is currently a Director of K & B ProductionsLtd of Ireland. Karl replaces Philip Beck, New Ventures Director, as an Executive BoardDirector. Phil is standing down from the Board with effect from 23 August 2007to dedicate time to other ventures. Island is actively seeking additional Executive and Non-Executive Directors tofurther strengthen the Company's Board. Paul Griffiths, Chief Executive of Island, commented: "This Board reorganisation is the beginning of an effort to build upon theexisting strengths of the Company's Board and we will be making furtherappointments in due course in reflection of the Company's status as anaccomplished operator with four successfully operated Celtic Sea wells to date.We are delighted to welcome Karl Prenderville to the Board of Island. Karl hasbeen with Island since 2006 and has made a major contribution to the Company. Iwould also like to thank Phil Beck whose knowledge and experience gained over 35years in the industry has made a major contribution helping to transform Islandfrom its formative days as a private company into a publicly listed operator. Wewish him every success in the future." Enquiries: Lisa J Newman MCIPR MIRSNewman Consulting Tel: +44 (0)1252 878682 Paul GriffithsChief ExecutiveIsland Oil & Gas plc Tel: +353 1 631 3755 Notes to Editors: Island was founded in 2003 and listed on AIM in December 2004 (LSE:IOG). TheCompany has interests in eleven Irish offshore licences, as well as licences inthe Netherlands, Morocco and Albania. Further information on Island can be found on the Company's website at http://www.islandoilandgas.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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