– IRELAND, Dublin – Petroceltic, (PCI.L) the independent oil and gas exploration and production company focussed on the Middle East, North Africa, Mediterranean and Black Sea regions, today announces a number of changes to the Board of the Company with immediate effect.
The Company welcomes Mr Don Wolcott and Mr Joe Mach to the Board as non-executive directors. Mr Wolcott and Mr Mach were recommended as directors pursuant to an agreement between the Company and Worldview Capital Management SA, a 20.04% shareholder in the Company.
Mr Wolcott, aged 53, was Chief Executive Officer of Ruspetro plc from 2011 until 2013, including during its initial public offering on the London Stock Exchange in 2012. Prior to this, Mr Wolcott worked for Yukos Oil from 1999 to 2005 as senior vice president responsible for all aspects of production and reservoir performance. From 1996 to 1998, Mr Wolcott worked at Schlumberger Oil Field Services and prior to that at ARCO Alaska Inc., from 1989 to 1994.
Mr Wolcott has a PhD in petroleum engineering from the Colorado School of Mines
Mr Mach, aged 65, was a non-executive director of Ruspetro plc from 2011 to 2013 and served as first vice president responsible for exploration and production at Yukos E&P from 1999 until 2006. Prior to Yukos, Mr Mach worked for Schlumberger from 1976 until 1999.
Mr Mach has a BSc degree in petroleum engineering from the University of Tulsa and served as Chairman of the university’s petroleum engineering advisory board.
Mr Wolcott will also join the Audit and Nominations Committees and Mr Mach will join the Remuneration Committee. The new directors are looking forward to reviewing the Company’s business, and, in conjunction with the Board and management, to reporting to shareholders at the Capital Markets Day scheduled for the autumn of 2014.
As part of the agreement with Worldview, the Petroceltic Board has been reduced from 9 to 7 members, and Mr Hugh McCutcheon and Mr Rob Arnott have resigned as non-executive directors. In addition, Mr David Thomas and Mr Tom Hickey have stepped down from the Board, but will continue to hold their executive roles in the Company, which will include regular attendance at Board meetings.
Robert Adair, Chairman of Petroceltic, commented: We welcome Don Wolcott and Joe Mach to the Board of Petroceltic and look forward to working with them over the coming years. On behalf of the Board and the Company as a whole, I would like to convey our thanks for the outstanding contribution, counsel and support provided by Hugh McCutcheon and Rob Arnott since their appointments and we wish them well in their future endeavours.”
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