Appointment of Non-Executive Director

Coastal Africa Group Limited

30 September 2026

 

30 September 2026

Correction to RNS 9954W – This announcement replaces the announcement released on 30 September 2026 that contained information about the appointment of Augustine (Osten) Olorunsola.

COASTAL AFRICA GROUP LIMITED

Appointment of Osten Olorunsola as Non-Executive Director

Coastal Africa Group Limited ("Coastal" or "the Group"), an AIM-quoted investing company focused on acquiring and investing in the oil and gas sector, energy infrastructure, energy services and energy assets across West Africa, is pleased to announce the appointment of Mr Osten Olorunsola FEI, FEEI as a Non-Executive Director of Coastal, with immediate effect.

Mr Olorunsola is a widely respected figure in African energy and, as such, is ideally positioned to support Coastal as it advances its upstream and midstream development programme in West Africa. In addition to being one of the architects of Nigeria’s Petroleum Industry Act, Mr Olorunsola has more than four decades of experience at the most senior levels within the industry, including a rare combination across policy, regulation and commercial operations.

As Director of Petroleum Resources for Nigeria from 2011 to 2013, Mr Olorunsola was responsible for regulating Nigeria’s oil and gas industry. From 2010 to 2021, he served as Technical Team Lead for the drafting of the Petroleum Industry Bill, a landmark piece of energy legislation for Nigeria, which was signed into law in August 2021. He brings a deep understanding of the fiscal and regulatory framework governing Nigerian hydrocarbons, having helped to shape it.

Mr Olorunsola began his career with Agip-ENI, spending ten years in petroleum geoscience and reservoir engineering roles in Nigeria and Italy, before joining Shell International, where he spent 22 years in senior leadership positions. These included Head of Planning and Economics; Petroleum Engineering Manager for the first major deep offshore development in Nigeria; Technology Manager and Hydrocarbon Resource Volumes Manager for Shell Sub-Saharan Africa; and Vice President, Commercial Gas and Power for Sub-Saharan Africa, where he built Shell’s emerging gas business in the region.

The following disclosures are made pursuant to Schedule 2(g) of the AIM Rules for Companies;

Augustine (Osten) Oluyemisi Olorunsola, aged 69, currently holds or has held the following directorships or partnerships in the past five years:

Current	Past five years
Aradel Holdings Plc
Energy Institute Nigeria
PANA Holdings Ltd
Waltersmith Petroman Oil Limited
Industrial and General Insurance Plc
LEE Engineering Group
Dibij Energy Ltd
Energetikos Limited

Osten Olorunsola does not currently hold any ordinary shares, options, or warrants over the Company’s ordinary shares.

Save as disclosed above, there is no further information required to be disclosed pursuant to Schedule 2(g) of AIM Rule 17 for Companies.

Conrad Clauson, Group Chief Executive Officer of Coastal Africa Group Limited, said:

"Osten is one of Africa’s most respected energy leaders. He has run assets, he has regulated the industry, and he helped write the law that now governs it. We are delighted to welcome someone of his calibre to our Board. His experience and judgement will be of great value as we move our development programme forward, and we look forward to working with him."

Osten Olorunsola, Non-Executive Director of Coastal, added:

"Coastal is doing something I believe in: bringing capital, technical capability and operating discipline to proven African assets. There is significant opportunity in Nigeria and across the continent for those prepared to develop it responsibly. I am delighted to be joining the Board at this stage of Coastal Africa’s growth, and I look forward to contributing to what the team is building."

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About Coastal Africa Group Limited

Coastal Africa Group Limited is a BVI incorporated company. The Company has been established with the objective of creating value for its investors through the acquisition and management of companies or assets in the energy sector.

The Company’s acquisition strategy is focused on the oil and gas sector (including upstream and midstream opportunities), energy infrastructure, energy services, and energy assets in West Africa, in particular Nigeria and Angola, though it may consider opportunities in other jurisdictions.

Coastal’s integrated energy company strategy aims to enhance project execution efficiency, improve asset returns, and reduce execution risk. This is achieved by mitigating third-party reliance, risks, and conflicts and by turning process storage and evacuation costs into a revenue stream, reducing break-even cost, lowering exposure to oil price volatility and unlocking transactions that may otherwise not be plausible.

Nigeria and Angola are experiencing economic and demographic fundamentals supportive of sustained growth in domestic demand for oil and gas resources, including GDP growth and electricity supply deficits, while holding significant resources. Furthermore, recent fiscal and regulatory changes in Nigeria and Angola provide an attractive impetus for new oil and gas investment. 

For Further Information, please contact:

Conrad Clauson (CEO)	Coastal Africa Group Limited	Via Celicourt
Stuart Gledhill Richard Hail Caroline Rowe Devik Mehta	S.P. Angel Corporate Finance LLP (Nominated Adviser and Broker)	Tel: [phone]
Philip Dennis Mark Antelme Kathleen Beams	Celicourt Communications (Financial PR)	Tel: [phone] [e-mail]

 

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