2nd Jul 2008 07:00
Afren plc (AIM: AFR)
New Management Appointments
London, 2 July 2008 - Afren plc ("Afren" or the "Company") announces the addition of
an international technical team from Randall & Dewey and new management appointments.
Technical partner with Vaalco on the Etame Marine discovery in Gabon;
Discovered and developed the Abana Field on OML 114 in Nigeria;
Found over 1 TCF gas at Cross River on OML 114 in Nigeria;
Early technical work to define the Okoro field opportunity in Nigeria;
Developed the plan for a heavy oil field in Madagascar utilising steam injection, raised the necessary financing for the project and responsible for project execution; and
Produced an innovative development plan and economic model for Ivanhoe Energy for the Niger Agadem block.
The Board is pleased to announce that Shahid Ullah has been appointed as an Executive Director of Afren to head up the Company's technical operations. Mr Ullah's career includes senior management positions at Western Atlas and Baker Hughes, where he was responsible for managing petroleum equities and assets and in particular brings extensive technical and commercial knowledge of the African petroleum industry. Mr Ullah holds a degree in Petroleum Engineering from the University of Texas and received executive development training at Oxford University and the London Business School. He is a member of the Engineering Advisory Board at the University of Texas.
The Board of Afren has accepted the resignation of Evert Jan Sibinga Mulder as Chief Operating Officer. Mr Sibinga Mulder had previously indicated that he wanted to return to Holland after many years overseas. His input and industry experience were significant in terms of structuring the Company's technical team and work processes and also in relation to the recent First Oil achievement.
Osman Shahenshah, Chief Executive of Afren, commented: "I would like to thank Evert Jan for his contributions during the Company's early stages and also for the important First Oil milestone where he played a leading role. The Board wishes him every success in the future. The addition of Randall & Dewey's international technical team and appointment of Shahid Ullah as Executive Director strengthens the existing technical base, bringing enhanced capacity, in particular with a view to the near term development opportunities we see in the new venture pipeline."
Shahid Ullah, commented: "I am delighted to join the Board of Afren. The Company has demonstrated an impressive track record and has built a sizeable portfolio of assets in West Africa over a relatively short time period. I look forward to complementing this management team with unparalleled access in Africa, in not only continuing the commercialisation of the existing asset base, including full production on the Okoro Setu Project, but also providing the additional technical base on the development of other potential assets such as the recently announced Ebok Field from the Majors in Nigeria."
Enquiries:
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Afren plc |
+44 20 7451 9700 |
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Osman Shahenshah |
Chief Executive |
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Galib Virani |
Investor Relations |
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Jefferies International Limited |
+44 20 7029 8000 |
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Jack Pryde |
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Oliver Griffiths |
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Pelham Public Relations |
+44 20 7743 6676 |
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James Henderson |
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Alisdair Haythornthwaite |
Additional information on Shahid Ullah, aged 49, to be disclosed in relation to Schedule Two paragraph (g) of the AIM Rules for Companies can be found below.
Current shareholding:
Shahid Ullah has been awarded a total of 2,025,000 Afren ordinary shares, which will be granted subject to certain timing and performance criteria to January 2010. No awards have been made under the Long Term Incentive Plan.
Current Directorships and partnerships:
Kismet Family Ltd Partnership, 2005 Caymus Fund - Ltd Partner, 2004 (investment fund) RTL Fund - Ltd Partner, 2006 (investment fund) Stiletto Real Estate Partnership, 2006 Stratum Energy - Director, 2007 (Turkey & Romania)Previous Directorships and partnerships:
There are no previous directorships
Notes to Editors
Randall & Dewey international technical team - Highlights
The team, which has been together for over 10 years, comprises an experienced 12 person technical team with key support staff led by Shahid Ullah.
Its origins lie in the International Division of Western Atlas (E&P Services) formed in 1996 and founded by Shahid Ullah.
Western Atlas was acquired by Baker Hughes in 2000, which in turn was acquired by Randall and Dewey in 2003.
In 2005, Randall and Dewey was acquired by Jefferies & Co.
The London team continued to operate with principally small to mid cap oil and gas companies but with the added financing capabilities based on technical and commercial analysis.
Details can be found at www.afren.com
Iain Wright and Patrick Cherlet will be joining Afren's Senior Management:
Iain Wright - Technical Director
Mr Wright leads Afren's technical team and is responsible for all geoscience and reservoir engineering activities associated with Afren's ongoing exploration, development and production assets together with new business technical assessments to enhance the company's portfolio. With over 25 years working in the industry, he has extensive international geosciences experience and has served in both development and exploration geology roles. Previously, he was a Managing Director at Jefferies. He also worked with Randall & Dewey, Baker Hughes, Qatar Petroleum, Conoco (UK) Ltd. and Anadrill Schlumberger. Mr. Wright received a BSc (Hons) from the City of London Polytechnic and is a Certified Petroleum Geologist (CPG) with the AAPG, a fellow with the Geolsoc, the SPE and PESGB.
Patrick Cherlet - Director of Operations
Mr Cherlet oversees Afren's oil & gas operations and commercial valuations. Mr Cherlet specialises in the organisation of global oil & gas projects, taking projects from entry to exploration and development. He also specialises in the commercial valuation of oil & gas assets and projects. Previously, he held management positions at Western Geophysical, Western Atlas, Baker Hughes, Randall & Dewey and Jefferies International. Mr Cherlet received an MS from Stanford University and an MS from Ghent University in Belgium.
Related Shares:
AFR.L