Igas Energy adds Philip Jackson and Tushar Kumar to its Board and announces Mike McTighe as Chairman designate

– UK, London – Igas Energy PLC (AIM:IGAS), announces that its Chairman, Francis Gugen, will retire as Chairman and step down from the Board following the Annual General Meeting in June 2017, after 14 years as Chairman. His successor, Mike McTighe, currently Deputy Chairman, will be appointed as Chairman with effect from the conclusion of the AGM.

John Bryant, Senior Independent Non-executive Director, will also retire from the Board with effect from the conclusion of the AGM having served on the Board for the past nine years.

Following the successful completion of the refinancing of the Company, two directors from Kerogen Capital, Philip Jackson and Tushar Kumar will join the Board as Non-executive Directors with immediate effect. Philip Jackson is appointed to the Remuneration Committee and Nomination Committee with immediate effect and will be appointed as Chairman of the Remuneration Committee with effect from the conclusion of the AGM. Tushar Kumar becomes a member of the Audit Committee with immediate effect.

Philip has over 30 years’ experience in investments and corporate finance in energy and infrastructure projects. He started his career with the energy team at Ashurst LLP before moving to its client Trafalgar House plc, one of the UK’s leading independent oil and gas companies at the time.

Tushar has 15 years’ experience in investing, investment banking and equities, working with a range of oil and gas companies including upstream, downstream, majors and National Oil Companies across Europe, the Middle East and Asia.

It has been agreed to reduce the size of the Board and therefore John Blaymires and Julian Tedder will resign from the PLC board with effect from the conclusion of the AGM. They will remain directors of the operating companies and continue to hold their executive roles, which will include regular attendance at Board meetings.

Commenting the Chairman, Francis Gugen, said: “I have served as Chairman of the Company since I founded it in 2003. In that time IGas has grown to be one of the largest onshore oil and gas players in the UK, with one of the largest and most diverse shale acreage positions. Post the recent refinancing, the Company is poised to capitalise on its potential. Accordingly, I have decided that this is the right time to retire from the Board. It has been a privilege to lead IGas through many milestones to become the Company it is today. I feel that I am leaving the Company in capable hands, with a very strong executive team.

I am delighted that Mike McTighe is to succeed me as Chairman. Mike joined the Board in August 2016 as Non-executive Deputy Chairman with a wealth of experience and wide industry and regulatory knowledge.

I would also like to thank John Bryant who has served on the Board for the last nine years, since the Company was first listed on AIM. We have all benefitted greatly from his independent advice and significant contribution to the Company and we wish him the very best going forward.”

Mike McTighe, Deputy Chairman added: “I am delighted to be taking over the role of Chairman of IGas at this important stage of its evolution. IGas is in a strong financial position following the recent successful refinancing and can now capitalise on opportunities in its production and development assets at a time of increasing momentum in the UK shale industry.

Francis has been Chairman of the Company since it was founded and has led IGas to become one of the UK’s leading onshore operators with a significant acreage position and large carried programme from its partners. I would like to thank Francis for his pivotal role and we all wish him well for the future.”

For more information : http://www.igasplc.com

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