Appointment of CEO and VP Exploration

RNS Number : 7405H

Echo Energy PLC

12 June 2017

 

12 June 2017

Echo Energy PLC

Appointment of Chief Executive Officer and VP Exploration

("ECHO" or the "Company")

Echo Energy, the South and Central American focused upstream gas company, is pleased to announce the appointment of Fiona MacAulay as Chief Executive Officer and Director of the Company from July 5^th.

Fiona has over 30 years of experience in the oil and gas industry, most recently as Chief Operating Officer and Technical Director of Rockhopper Exploration plc.  Fiona has led the company's work on the Sea Lion project in the North Falkland Basin where multiple discoveries in Sea Lion and most recently the Elaine Isobel complexes have resulted in audited 2C contingent resources of over half a billion barrels.  Fiona, a Chartered Geologist, started her career with Mobil North Sea Limited in 1985 and has subsequently held senior roles in a number of leading oil and gas firms, including Amerada Hess and BG. She is European President of the American Association of Petroleum Geologists.

The Company would also like to confirm the appointment of Julian Bessa as Vice President, Exploration.  Julian brings over twenty years exploration experience across the region, including at BG where he spent time as Bolivian Exploration Manager and VP Exploration Brazil.   

The current Chief Executive Officer, Greg Coleman, will be stepping down immediately to pursue other opportunities but will be staying on with Echo in the role of transitional advisor until 1^st September 2017. The Board of Echo would like to thank Greg for guiding the Company through a successful transition.

Further to her appointment, Fiona MacAulay has been awarded options over 24 million new ordinary shares exercisable at 16.12 pence per share.  The options vest after 3 years and expire after 5 years.  The Company has also agreed to issue 2 million 5 year warrants over new ordinary shares exercisable at 16.12 pence per share to select individuals who have worked with the Company identifying potential asset acquisitions.

James Parsons, Chairman of Echo Energy, commented:

'We are delighted to welcome Fiona as Chief Executive Officer. The Board and I are huge supporters of her drive and ambition and are very pleased to have secured someone of her regional experience, credibility and talent. Echo has an ambitious growth strategy and I look forward to working closely with her and Julian to rapidly build the Company into a mid-cap E&P firm; Fiona's outstanding technical credentials ensure we are very well placed to deliver on all of our goals.  I remain very focused on continuing to deepen our senior management bench-strength and look forward to announcing further appointments in due course.'

Fiona MacAulay commented:

'I am delighted to be joining Echo at such an exciting time for the business, as we begin to implement our newly announced strategy. We are building an experienced senior team with technical and commercial strength, and are looking to grow the business though material additions to the portfolio as soon as possible. I look forward to working with James and the wider team to add real value for our investors and create a dynamic company of real scale.'

For further information please contact:

Echo Energy James Parsons, Chairman	[e-mail]
ZAI Corporate Finance Limited - Nominated Adviser      John Treacy	[phone]
Brandon Hill Capital Limited - Broker             Jonathan Evans / Oliver Stansfield	[phone]
Vigo Communications - PR Adviser     Patrick d'Ancona Chris McMahon Alexandra Roper	[phone]

AIM Disclosures

Previous directorships:

Rockhopper Exploration (Petrochemicals) Limited

Rockhopper Resources Limited

Rockhopper Exploration (Oil) Limited

Rockhopper Exploration (Hydrocarbons) Limited

Rockhopper Croatia Limited

Rockhopper Mediterranean Limited

Rockhopper Civita Limited

Desire Petroleum Limited

Falkland Oil and Gas Limited

Rockhopper Exploration (Oil) Limited*

Rockhopper Egypt Pty Limited

Rockhopper Italia SpA

Malta Oil Pty. Ltd

Melita Exploration Company Limited

* Incorporated in the Falkland Islands

Full name: Fiona Margaret Barkham, (former names: MacAulay, Oxley), age 54.

There are no further disclosures to be made in accordance with AIM Rule 17 or Schedule 2(g) of the AIM Rules.

 

END

 

 

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