RNS Number : 7170X
Dragon Oil PLC
20 February 2012
FOR IMMEDIATE RELEASE
20 February 2012
DRAGON OIL PLC
(the "Company" or together with its subsidiaries "Dragon Oil" or the "Group")
Appointment of a new Independent Non-executive Director
Dragon Oil plc (Ticker: DGO), an international oil and gas exploration, development and production company, is pleased to announce the strengthening of its Board of Directors with the appointment of Mr Thor Haugnaess as an additional Independent Non-executive Director to the Board of the Company. So as to facilitate his election under the Company's Articles of Association, it is planned to co-opt Mr Haugnaess to the Boardwith immediate effect. Mr Haugnaess will then be proposed for election at the Annual General Meeting on 18 April 2012 as an Independent Non-executive Director.
Details of changes in Dragon Oil's various committees, as well as Mr Haugnaess' participation in the same, will be determined and implemented shortly.
The Chairman, Mohammed Al Ghurair, commented:
"I am delighted that Mr Haugnaess has joined Dragon Oil's Board in the role of a Non-executive Director. We have been looking at expanding the Board for some time and Mr Haugnaess brings significant business and industry experience to the Company. I have no doubt that we will be able to draw on his many years of working within oil and gas industry in leading roles to realise our goals and I look forward to working with him in continuing the growth of Dragon Oil."
Further information on the new Director
Mr Haugnaess has been working in the upstream oil and gas industry for over 25 years, predominantly within the oilfield services with the Schlumberger group of companies in a variety of management roles. Between 2003 and 2006, Mr Haugnaess was the President for the Norwegian drilling contractor, Ocean Rig ASA, which was listed on the Oslo Stock Exchange.
Mr Haugnaess has a Master's degree in petroleum engineering from the University of Trondheim (NTNU) in Norway. The Board anticipates that both his academic background and industry experience will contribute to Dragon Oil's success in the future.
The directorships and partnerships held by the proposed new Director now and over the five years preceding the date of appointment are as follows:
Current Directorships/ Partnerships
Previous Directorships/ Partnerships
Mr Thor Kristian Haugnaess
EOR Solutions FZCO
Mr Haugnaess does not have any shares or share options in the Company.
The Company confirms that there are no other matters requiring disclosure in relation to Regulation 16.6.13 (1) to (6) of the Irish Listing Rules and Regulation 9.6.13 (1) to (6) of the UK Listing Rules.
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For further information please contact:
Investor and analyst enquiries
Dragon Oil plc (+44 (0)20 7647 7804)
Citigate Dewe Rogerson (+44 (0)20 7638 9571)
About Dragon Oil
Dragon Oil plc is an international oil and gas exploration, development and production company, quoted on the London and Irish Stock exchanges (Ticker symbol: DGO). Its principal producing asset is in the Cheleken Contract Area, in the eastern section of the Caspian Sea, offshore Turkmenistan.
Dragon Oil (Turkmenistan) Ltd., a wholly owned subsidiary of Dragon Oil plc, holds 100% interest in and is the operator of the Production Sharing Agreement for the Cheleken Contract Area. The operational focus is on the re-development of two oil-producing fields, Dzheitune (Lam) and Dzhygalybeg (Zhdanov).
This news release may contain forward-looking statements concerning the financial condition and results of operations of Dragon Oil. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. No assurances can be given as to future results, levels of activity and achievements and actual results, levels of activity and achievements may differ materially from those expressed or implied by any forward-looking statements contained in this report. Dragon Oil does not undertake any obligation to update publicly or revise any forward-looking statement as a result of new information, future events or other information.
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