27th Feb 2007 07:04
Afren PLC27 February 2007 Afren plc (AIM: AFR) New Management Appointments and Corporate Update London, 27th February 2007 - Afren plc ("Afren" or "the Company") announces newmanagement appointments and a corporate update. New Management Appointments The Board of Afren Plc today accepted the resignation of Brian O'Cathain asChief Executive. Mr O'Cathain is leaving the Company for personal reasons, andwill be returning to live full-time in Ireland. The Board is pleased toannounce that Osman Shahenshah, one of the founders of Afren and previously inthe position of Chief Financial Officer, has been appointed Chief Executive ofAfren. As a demonstration of Mr O'Cathain's confidence in Afren's ability tocontinue its rapid growth and shareholder value creation, he has proposed - andthe board has agreed - that he will maintain a significant shareholding in theCompany for at least one year from the date of the agreement. The board is also pleased to announce the appointment of Evert Jan Mulder as anExecutive Director and Chief Operating Officer and Didier Lechartier as Head ofNew Ventures. Evert Jan Mulder has worked within the international Oil & Gas industry foralmost 25 years, including positions within Addax Petroleum, Shell, Weatherfordand Halliburton. Mr Mulder has significant Nigerian experience having workedwith both Addax Petroleum and Shell in Nigeria. He was most recently the ChiefOperating Officer of Addax Petroleum (AXC.TO), Nigeria's largest independent oilproducer. Whilst at Addax Petroleum, he was responsible for increasing thedaily average oil production from 30,000 bopd to 75,000 bopd in 24 months, whilemaintaining reserves. He coordinated the planning and implementation of Okwori,Addax's first green field development using an FPSO and new subsea welltechnology. Mr Mulder spent over 10 years with the Shell group holding varioussenior positions including Head of Commercial Planning, Nigeria and Head ofProduction Technology for Shell Expro in the UK. He was also formerly theBusiness Development Manager and the Global Manager of Reservoir Description forHalliburton. Didier Lechartier has over 18 years experience within the international Oil &Gas industry, with significant exposure to Congo Brazzaville, where Afrenrecently acquired a stake in the onshore La Noumbi exploration permit. MrLechartier was formerly the Business Development Director for Maurel et Prom,France's largest independent oil company. He was also responsible for theproduction start up of the M'boundi field, one of Africa's largest onshorefields, currently producing over 50,000 bopd. Mr Mulder and Mr Lechartier further strengthen the existing management team andbring invaluable experience in ensuring the Company achieves its target ofproducing 15,000 to 20,000 bopd by early 2008, while continuing to exploit andexpand Afren's diversified portfolio. Executive Management Team Dr Rilwanu Lukman, Chairman, will continue to lead Afren in building apan-African portfolio of upstream assets and oversee Afren's relationships withAfrican Governments and National Oil Company's. Osman Shahenshah was one of the three members of the founding team at Afren,alongside Dr Rilwanu Lukman. As Chief Executive, Mr Shahenshah will beresponsible in particular for Afren's strategic and financial development andwill be supported by Jeremy Whitlock, Financial Controller and Galib Virani,Head of Acquisitions and Investor Relations. Evert Jan Mulder will be responsible for the technical and operationaldevelopment of the Company. As Chief Operating Officer, Mr Mulder will besupported by a technical team led by Nick Johnson, Head of Exploration andProduction and Alan Hunt, Project Manager for the Okoro Setu development, alongwith Didier Lechartier in his role as Head of New Ventures. Egbert Imomoh, Managing Director of Afren's Nigerian subsidiary ("Afren Nigeria"), is being appointed as Executive Chairman of Afren Nigeria and will continueto direct the Company's operations in Nigeria. Both Dr Rilwanu Lukman and MrEgbert Imomoh are supported by Constantine Ogunbiyi, an Associate Director ofthe Company and a Director of Afren Nigeria. The International Advisory Board comprising Brian Ward, formerly the RegionalChief Executive for Shell E&P Africa and Ennio Sganzerla, formerly Regional VPfor ENI Africa will continue to support the development of the Company, inaddition to John St John as Strategic Financial Advisor. Corporate Update and Outlook Since the Company's listing in March 2005, Afren has rapidly expanded itsportfolio and currently has a diversified portfolio of nine assets in Nigeria,Gabon, Congo Brazzaville, Angola and the Joint Development Zone of NigeriaSao Tome and Principe. Following the successful two well appraisal drilling programme in Q4 2006 -Afren's first as technical operator - a nine month development drillingprogramme on the Okoro Setu project is scheduled to commence in Q3 2007 usingthe Global Santa Fe Adriatic VI drilling unit. The Company is now entering an important second phase of its growth strategy,the actual development and production of proven oil & gas fields. Themanagement team - with a strengthened development and production focus - is wellplaced for this next phase and to realise Afren's near term target of15,000-20,000 bopd of production by early 2008. In addition, Afren willcontinue to utilise its African relationships to continue to grow itsdiversified portfolio with the overall aim of creating substantial shareholdervalue. Dr Rilwanu Lukman, Chairman of Afren, said: "Brian has made a significantcontribution to the development of Afren and I would like to thank him on behalfof Afren's Board and shareholders for his leadership over the last two years. Iam delighted that Osman Shahenshah will be moving to the role of ChiefExecutive. Osman's wealth of experience in strategic oil & gas finance andmergers and acquisitions will be instrumental to the Company's future as we seekto further build out our existing African portfolio of nine assets in fivecountries in a consolidating market." Osman Shahenshah, commented: "I am delighted to assume the role of ChiefExecutive of Afren and to continue to accelerate the growth which the companyhas enjoyed since coming to the public markets in 2005. A critical component ofour next phase of growth is the commercialisation of our existing developmentportfolio and I believe that Evert Jan Mulder, Afren's newly appointed ChiefOperating Officer, will be invaluable in helping the company achieve its targetof first oil in early 2008. In addition, the experience of Didier Lechartierwill be central in the expansion of the company's regional portfolio and I lookforward to working with the expanded management team." Brian O'Cathain, commented: "I am honoured to have been associated with thegrowth of Afren over the last two years, and proud of what the team hasachieved. The Company has an exciting future, and I look forward to seeing themilestone of first oil production from Afren's portfolio in early 2008. I havevery much enjoyed working closely with Osman during this period, and I haveevery confidence in his ability to continue the development of Afren." Enquiries: Afren +44 20 7182 1800Osman Shahenshah [email protected] Pelham Public Relations +44 020 7743 6673James Henderson [email protected] Haythornthwaite [email protected] Evert Jan Mulder (aged 51), is in the past 5 years, a Director of the followingcompanies: Current Directorships Previous DirectorshipsSGC Addax Corporation There are no other matters to be disclosed in relation to Schedule 2 paragraph(g) and (i) of the AIM Rules. Notes to Editors Afren Board Dr Rilwanu Lukman, KBE, Legion d'honneurChairman Dr Lukman is an internationally known and respected figure in the oil and gasindustry. Some of Dr Lukman's key appointments have included Secretary Generalof OPEC (5 terms), President of OPEC (9 sessions), Nigerian Minister ofPetroleum Resources, Special Adviser to the Nigerian President for Oil and Gas,Nigerian Minister of Foreign Affairs, Nigerian Minister of Mines, and Founderand Chairman of the African Petroleum Producers Association. Dr Lukman is instrumental in helping Afren to develop and implement its assetacquisition strategy and the relationships with African Governments and NationalOil Company's. He holds a Bachelor of Science degree from the Royal College ofMines, Imperial College (London), and follow-on diplomas, including doctorates,from the University of Leoben (Austria), McGill University (Montreal),University of Bologna (Italy), Ahmadu Bello University and the University ofMaiduguri in Nigeria. Osman ShahenshahChief Executive Mr Shahenshah was part of the management team that founded Afren. He has over18 years experience of oil and gas finance. His international career began withCredit Suisse First Boston and has included senior positions in the oil and gasfinance groups of the International Finance Corporation (private sector arm ofthe World Bank), and the investment banking divisions of Dresdner KleinwortWasserstein and Mediocredito Centrale. Mr Shahenshah has been actively involved in the African Oil & Gas sector formore than 15 years, advising companies such as Shell, Chevron, Total, ENI andthe Nigerian National Petroleum Corporation. He holds a PhD from the Universityof Pennsylvania, a Master's Degree from Columbia University and a Bachelor'sDegree from Brown University. Evert Jan MulderChief Operating Officer Evert Jan Mulder has worked within the international Oil & Gas industry foralmost 25 years, including positions within Addax Petroleum, Shell, Weatherfordand Halliburton. Mr Mulder has significant Nigerian experience having workedwith both Addax Petroleum and Shell in Nigeria. He was most recently the ChiefOperating Officer of Addax Petroleum (AXC.TO), Nigeria's largest independent oilproducer. Whilst at Addax Petroleum, he was responsible for increasing thedaily average oil production from 30,000 bopd to 75,000 bopd in 24 months, whilemaintaining reserves. Mr Mulder spent over 10 years with the Shell groupholding various senior positions including Head of Commercial Planning inNigeria and Head of Production Technology for Shell Expro in the UK. He wasalso formerly the Business Development Manager and the Global Manager ofReservoir Description for Haliburton. Mr Mulder, a Dutch citizen, holds a masters degree in mining engineering fromthe Technical University of Delft, Netherlands. Egbert ImomohExecutive Chairman, Afren Nigeria Mr Imomoh has had thirty-six years' experience with the Shell group ofcompanies, in Nigeria, the UK and the Netherlands. Recently, Mr Imomoh served asDeputy Managing Director of Shell Petroleum Development Company (Nigeria)("SPDC"), one of the Shell group's largest operating companies, which isresponsible for operating a joint venture that produces approximately 1 millionbarrels of oil per day. Trained in Mechanical and Petroleum Engineering, Mr Imomoh held a wide varietyof senior positions throughout the Shell group from Chief Petroleum Engineer inSPDC, Technical and Planning Manager to Deputy MD of SPDC. He is member of theSociety of Petroleum Engineers and has served on the SPE board as regionalDirector for Africa. Guy PasNon-Executive Director Mr Pas is an international executive with a background in senior financial andinvestment management roles relating to African natural resources. Following an early career as a commodity and trade finance officer at ChaseManhattan Bank, Mr Pas was a founding partner of the Addax and Oryx Group, agroup of international petroleum marketing and producing companies operating inAfrica. He has participated in the development of several listed miningcompanies focused on Africa and the former Soviet republics, including SAMAXResources and OXUS Resources. Mr Pas also manages Synergy Resources Fund, an unlisted fund investing inmineral resources, and Vector XXI Finance, a Geneva-based investment advisorycompany. Mr Pas holds a cum laude degree in Applied Economics from AntwerpUniversity. Peter BinghamNon-Executive Director Mr Bingham is a senior financial executive with over forty years experience ininternational financial markets, primarily at the Barclays Bank Group. MrBingham successively held directorships at the London branch level, in theGroup's merchant banking division, and at BZW (now Barclays Capital) where heset up the credit risk management team. Mr Bingham ultimately became Head ofBanking at BZW and served as a member of the central Barclays Group CreditCommittee. Mr Bingham is accomplished in the development and oversight of financialstrategies for growing companies such as Afren, and is well-known in the Londoncapital markets. His support and guidance will be invaluable as Afren implementsits asset acquisition programme. Afren Senior Management team Nick JohnsonHead of Exploration and Production Dr Johnson is a geologist with over twenty years experience in oil and gasexploration and production. He began his oil industry career in 1981 as anExploration Geologist with BP, where he worked on a variety of supervisory andtechnical roles around the world. He joined OMV in 1991 as a Senior Geologist and ultimately became Head of GlobalExploration and Production. Dr Johnson has delivered significant success in bothexploration and production; in many international settings, in particular theMiddle East, North Africa, Pakistan, Austria and in the North Sea (UKCS andNorway). He has concluded many new business deals, especially explorationfarm-ins. He was instrumental in developing forward strategic plans for OMVExploration & Production and introducing and actioning Portfolio Management. Inparticular, while at OMV, Dr Johnson was a key member of the team that laid thefoundations to the successful exploration of Murzuk Basin in Libya and JeneinSud in Tunisia. Dr Johnson graduated with a degree in Geology in 1976 from Bristol Universityand a PhD from University College London in 1980. Didier LechartierHead of New Ventures Didier Lechartier has over 18 years experience within the international Oil &Gas industry, with significant exposure to Congo Brazzaville, where Afrenrecently acquired a stake in the onshore La Noumbi exploration permit. MrLechartier was formerly the Business Development Director for Maurel et Prom,France's largest independent oil company. He was also responsible for theproduction start up of the M'boundi field, one of Africa's largest onshorefields, currently producing over 55,000 bopd. Alan HuntOkoro-Setu Asset Manager Mr Hunt has over 30 years of international project management experience ShellInternational Exploration and Production. Mr Hunt held various senior levelpositions within Shell International and was previously Chief Engineer inNigeria for a number of years, Managing Director of Shell Peru E&P, ProjectDevelopment Manager for Shell Expro and was responsible for the early stages ofthe development of the Sakhalin Project. Mr Hunt holds a Masters degree in structural Engineering from Imperial CollegeLondon. Jeremy WhitlockFinancial Controller Mr Whitlock is a qualified accountant with eighteen years experience in the Oil& Gas industry. He spent thirteen years with Enterprise Oil in a variety ofroles across the finance department, including several years as FinancialPlanning Manager, in charge of the team responsible for all financial Boardreporting, budgeting and corporate modelling, both for internal planningpurposes and for large corporate deals. He also spent some years asInternational and Corporate Finance Manager, responsible for all financialaspects of the Group's smaller international offices and all areas of headoffice accounts. Prior to joining Afren, he was Planning Manager at Nexen (UK) - previouslyEnCana (UK) Ltd - where he was responsible for economic analysis of bothprojects and acquisitions for the company. He played a significant role in thesale of EnCana (UK) Ltd to Nexen for US$2.1 billion. He is a member of the Institute of Chartered Management Accountants since 1989and holds a Bachelor of Science degree in mathematics from Durham University. Constantine OgunbiyiAssociate Director, Special Assistant to the Chairman & Director Afren Nigeria Mr Ogunbiyi, a Nigerian national, assisted in the establishment of Afren in late2004. He has over 10 years experience of private equity, acquisition,structured, trade and project finance, and public and private partnerships inthe African energy and infrastructure sectors in particular. Prior to joining Afren, he was the Deputy Head of Cadwalader, Wickersham & TaftLLP's Africa Practice. Before this, Mr Ogunbiyi spent four and a half years withHerbert Smith's International Finance and Banking Department. He has also servedas a strategic adviser to the New Partnership for Africa's Development (NEPAD)Business Group and the Southern African Development Community's (SADC) BankingAssociation's PPP Unit. He has worked on several African oil and gastransactions involving NOC's and IOC's. He holds an LLB with German Law from King's College, University of London, aDiploma in German Public and Civil Law from the University of Passau (Germany)and has Legal Practising Qualifications from the Oxford Institute of LegalPractice. Galib ViraniHead of Acquisitions and Investor Relations Mr Virani, an East African national, gained several years of Investment Bankingand Corporate Finance experience prior to joining Afren in 2006. He waspreviously a Vice President in the Corporate Finance and Advisory group ofDresdner Kleinwort Wasserstein with a focus on the Oil & Gas sector. During his tenure at Dresdner Kleinwort Wasserstein, he executed over 15 Mergers& Acquisitions and Equity Capital Market transactions and represented clients inthe Oil & Gas sector including ExxonMobil, Statoil, Ruhrgas and Lasmo. He is a Fellow of the Securities Institute, has a Master of Philosophy inEmerging Market Investment and a Master of Arts in Finance & Investment (withDistinction). Afren International Advisory Board Brian Ward Brian Ward was formerly the Regional Chief Executive for Shell E&P Africa. MrWard was responsible for Shell's Upstream African operations and relationshipswith Host Governments. Prior to managing Shell's operations in Africa, Mr Ward's career included anumber of senior positions within the Shell organization, including ManagingDirector of Petroleum Development Oman, Managing Director of Shell E&P (NAM) inHolland, and Deputy Managing Director and Production Director for Shell ExproUK. Ennio Sganzerla Ennio Sganzerla was until recently Senior Vice President (E&P) at ENI, havingjoined the group in 1971. Since 1997, he has been responsible for the North Sea,America, Australasia and Russia. Previously, he was Managing Director of ENI'ssizeable North Sea operations. Over the course of his wide-ranging career at ENI, he was instrumental inestablishing and building ENI's presence in Congo, and played an active role inincreasing ENI's position in Nigeria, Gabon and Egypt as Regional VP for Africa.Mr Sganzerla was also active in leading the group's M&A activities, includingthe acquisition of Lasmo plc, British Borneo and others. John St. JohnStrategic Financial Advisor John St. John is one of the best-known names in European Equity Capital Marketsand was formerly Global Head of Equity Capital Markets at Dresdner KleinwortWasserstein, Salomon Brothers, Lehman Brothers and Commerzbank. He has been advisor on over €100 billion of equity and equity-linked issuance inall major markets worldwide. He currently serves as Chairman of Equity CapitalMarkets at Nomura International plc. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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