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Trap Oil Group plc (TRAP)

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Friday 31 May, 2013

Trap Oil Group plc

Directorate and Senior Management Changes

RNS Number : 0338G
Trap Oil Group plc
31 May 2013







Trap Oil Group plc

("Trapoil" or the "Company")


Directorate and Senior Management Changes


Trapoil (AIM:TRAP), the independent oil and gas exploration, appraisal and production company focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased to announce the following changes to its board of directors (the "Board") and senior management.


Scott Richardson Brown has been appointed to the Board as the Group's Finance Director with effect from 3 June 2013. He replaces John Church, who has been acting in the role of Interim Finance Director since 13 April 2013. Mr Church will remain as a member of the Company's executive management team and will continue to act as Company Secretary.


Mr Richardson Brown is a qualified Chartered Accountant and has spent more than 15 years working with public companies, first in a corporate finance advisory role and more recently as a Director in Industry positions. Mr Richardson Brown started his career with Coopers & Lybrand (latterly PwC) before becoming a Partner in the Corporate Broking/Finance division of Oriel Securities Limited. After leaving Oriel Securities Limited, Mr Richardson Brown joined CSR, a FTSE 250 semiconductor company, as M&A and Investor Relations Director, managing a number of corporate transactions including the US$280 million acquisition of Nasdaq listed SiRF Technology Holdings Inc. Most recently he served as Finance Director of Ascent Resources plc where he oversaw the reorganisation of the company's balance sheet.


In addition, Michael Cameron has been appointed to the position of Financial Controller with effect from mid August 2013. Mr Cameron is a member of the Institute of Chartered Accountants of Scotland with 15 years experience in the oil and gas industry in Aberdeen, with companies including Transocean Ltd and Amerada Hess (latterly The Hess Corporation). Most recently, he has spent 10 years with Dana Petroleum plc in a variety of financial roles.


In connection with these appointments the Company has granted 1,500,000 share options to Mr Richardson Brown and 700,000 share options to Mr Cameron at an exercise price of 15p per share, representing a premium of approximately 25.87 per cent. to the average of the Company's mid-market closing share price for the three trading days prior to the date of this Announcement. The options, which vest as to one third immediately, one third in one year's time and one third in two year's time, are not subject to any performance criteria, and may be exercised, in whole or in part, at any time up to the tenth anniversary of the date of grant. The awards have been made under the terms of the Company's existing Unapproved Share Option Plan 2011 ("Unapproved Scheme"). Following these grants there will be options outstanding over, in aggregate, 14,131,503 Ordinary Shares, representing approximately 6.26 per cent. of the Company's existing issued share capital.



Mark Groves Gidney, Chief Executive Officer of Trapoil, commented:

"We are delighted to welcome Scott to the Board as Group Finance Director and Michael as a key member of the Senior Management team. They both bring with them extensive industry and commercial experience and we look forward to working with them to further develop and grow the Company."



Additional information on the new director appointment:


Mr Scott Richardson Brown, aged 37, is a director or partner, or has been a director or partner during the previous five years, of the following entities:


Current directorships or partnerships


Past directorships or partnerships held within the last five years


Ascent Resources plc

Ascent Slovenia Ltd

Ascent Slovenia d.o.o

Ascent Resources Italia s.r.l

Ascent Hungary k.t.f

Ascent Production Limited

Voluntarily dissolved 26/03/2013

Kingsley House Limited


There is no other information that is required to be disclosed under paragraph (g) of Schedule Two of the AIM Rules for Companies of the London Stock Exchange.





Trap Oil Group plc


Mark Groves Gidney, CEO


Tel:  0203 170 5586


Strand Hanson Limited

James Harris

Matthew Chandler

James Spinney


Tel:  0207 409 3494

Mirabaud Securities LLP

Peter Krens


Tel:  0207 321 2508

FirstEnergy Capital LLP

Hugh Sanderson

David van Erp


Tel:  0207 448 0200


Cardew Group

Shan Shan Willenbrock

Lauren Foster


Tel:  0207 930 0777

[email protected]



Notes to editors:

·      The Group was created in 2008 by a team of experienced industry executives with a broad range of oil and gas technical, operational and financial expertise and professional skills.


·      Trapoil has developed long term relationships with key oil industry partners and major suppliers and consultants including CGGVeritas Services (UK) Limited ("CGGVeritas"), Applied Drilling Technology International and Exploration Geosciences Limited.


·      The Company utilises a research-led, knowledge-based approach to identify and deliver promising exploration and appraisal opportunities, and to this end has secured extensive long-term access to CGGVeritas' state of the art 3D seismic database over the majority of the Central North Sea area on negotiated terms. CGGVeritas is a leading pure-play geophysical services and equipment provider. Access to such 3D seismic data serves to strengthen the Group's ability to create opportunities on both open and held acreage in the UKCS.


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