Directorate Change

RNS Number : 5162N

Alkane Energy PLC

01 October 2012

 



Press Release

1 October 2012

Alkane Energy plc

("Alkane", "the Group" or "the Company")

Directorate Change

Alkane Energy plc (AIM: ALK) is pleased to announce the appointment of Mr Roger McDowell as Non-Executive Chairman with immediate effect.  Mr McDowell replaces Mr John Lander, who is retiring having served on the Board for eight years.  Mr Lander will remain as a Director until 31 October 2012.

Mr McDowell, 57, is an experienced director of 30 years' standing and currently holds non-executive positions at several listed companies. Roger is currently chairman of Avingtrans plc and Ultimate Finance Group plc and a non-executive director of I S Solutions plc, Swallowfield plc and Augean plc.

Mr McDowell holds no beneficial interest in the Company's shares.

Neil O'Brien, Chief Executive, commented:

"The Board joins me in thanking John for his time on the Board.  His efforts have seen Alkane grow into the largest UK CMM operator and he leaves us with strong momentum, record revenues and an industry leading team.

We are delighted that Roger has agreed to join the Board.  He has a wealth of experience in running and assisting developing businesses and has practical knowledge of our sector and opportunities.  We look forward to working with him in delivering our growth plans."

Mr McDowell currently holds, and has held (including all appointments during the five years preceding the date of this announcement), the following directorships and partnerships, other than of the Company:

Current Directorships Augean plc      Avingtrans plc Corsair Techinvest Limited     Disperse Limited         Dovehoco 201 Limited            Fineguard Limited       I S Solutions plc          One Advice Group Limited      Ultimate Finance Group plc Swallowfield plc

Past Directorships IDMoS plc Intec Telecom Systems plc Onward Digital Limited Redhall Group plc

In relation to Schedule Two paragraph (g) (iv - vii) of the AIM rules:

Mr McDowell was a director of the following companies at the time (or within the preceding 12 months) of their being placed into administration or creditors voluntary liquidation: 

·    Town Index Limited was placed into creditors voluntary liquidation on 23 January 2001 with an estimated deficiency as regards creditors of £2.0 million

·    Wax Digital Limited was placed into creditors voluntary liquidation on 14 June 2001 with an estimated deficiency as regards creditors of £1.4 million

·    Advanced Fluid Connections plc was placed into administrative receivership on 24 March 2006 with an estimated deficiency as regards creditors of £17.8 million

·    IDMoS plc was placed into administration on 16 April 2008. The estimated deficiency as regards creditors was £0.4 million

There are no other matters which are required to be announced under Rule 17 or Schedule Two paragraph (g) of the AIM rules.

- ENDS-

For further information please contact:

Alkane Energy plc Neil O'Brien, Chief Executive Officer Steve Goalby, Finance Director	01623 827927 01623 827927
Altium Capital Limited Adrian Reed	0845 505 4343
Hudson Sandler Nick Lyon	020 7796 4133

About Alkane

Alkane Energy is one of the UK's fastest growing independent power generators. The Company operates mid-sized "gas to power" electricity plants providing both predictable and fast response capacity to the grid. Following the acquisition of Greenpark Energy Limited ("Greenpark"), Alkane has a total of 74MW of installed generating capacity and an electrical grid capacity of 89MW.

Alkane's main operations are based on a portfolio of coal mine methane ("CMM") sites. Alkane has the UK's leading portfolio of CMM licences, enabling the Company to extract gas from abandoned coal mines. Alkane started extracting CMM for direct sales of gas in 1999 with sites at Shirebrook, Steetley and Markham.

As CMM declines at any one site Alkane retains valuable generating capacity and a grid connection which we move to power response. Power response sites are connected to mains gas and produce electricity at times of high electrical demand or in order to balance the electricity grid. Alkane now allocates 31MW to conventional gas post the Greenpark acquisition.

The Group operates from 19 mid-size (up to 10MW) power plants across the UK, 12 CMM, 4 conventional gas and 3 using both fuel sources, and sells this power through the electricity network, using standard modular reciprocating engines to generate the electricity. The engine units and other plant are designed to be flexible and transportable and this allows additional capacity to be brought onto growing sites and underutilised plant to be moved to new sites to maximise efficiency.

The biogas market also provides a potential new business stream. Running on gas generated from the processing of organic waste will require exactly the same power assets and core gas and electricity skills as CMM.

Coal bed methane ("CBM") is a longer term opportunity where Alkane has contingent resource estimates of circa 385 billion cubic feet. In February 2012 the Company signed a partnership agreement with Aberdeen Drilling Management Limited to explore two of our licences with CBM potential.

More information is available on our website www.alkane.co.uk 

 

END

 

 

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