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Trap Oil Group plc (TRAP)

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Thursday 24 April, 2014

Trap Oil Group plc

Directorate Change

RNS Number : 4739F
Trap Oil Group plc
24 April 2014
 



 

 

Trap Oil Group plc

("Trapoil" or the "Company")

                                               

Directorate 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, announces the following changes to the composition of its board of directors (the "Board").

 

Simon Bragg is to be appointed as Non-Executive Chairman, succeeding Kevin Watts who is to step down as Chairman of the Company with effect from 1 May 2014.

 

Simon co-founded Oriel Securities Limited, a leading UK corporate and institutional broker, in 2002 and is currently its Chief Executive. Having qualified as a Chartered Accountant at KPMG he then worked at Hoare Govett Limited, Cargill Financial Markets plc and HSBC Investment Bank plc before co-founding Oriel Securities Limited. He has played a leading role in numerous IPOs and other fundraising transactions in the oil and gas sector during his City career to date.

 

Additionally, Miles Newman and Martin David have both informed the Board that they do not intend to seek re-election to the Board at the Company's forthcoming Annual General Meeting and accordingly will step down at that point. Martin will continue to be responsible for the Company's technical department and will become Managing Director of Trap Oil Limited, the Company's main North Sea operating company, whilst Miles is leaving the Company to pursue other opportunities.

 

Mark Groves Gidney, founder and CEO of Trapoil commented:

 

"The Board would like to express its sincere gratitude to Kevin for his expert guidance and wise counsel over the last three years. We are also grateful to Miles for his contribution to the business and his technical guidance. The Board wishes both Kevin and Miles every success in their future endeavors.

 

"We are delighted to welcome Simon to the Board as Chairman at this key point in the Company's evolution. His extensive experience of capital markets and his in-depth knowledge of the oil & gas sector will be of great value as we take the business forward. Simon will preside over a streamlined board in keeping with the Company's future strategic direction."

 

Simon Bragg, Chairman designate, commented:

 

"I am delighted to be appointed as Chairman of Trapoil.  The E&P sector, particularly that part operating in the UK North Sea, has encountered challenging conditions in recent times.  I have been impressed with Trapoil's team, with their strong technical skills and positive entrepreneurial spirit.  I believe that this team, combined with the Company's existing portfolio and cash resources, will enable Trapoil to overcome the current market malaise and create future value for shareholders."

 

The following additional information is disclosed in relation to Schedule 2 paragraph (g) of the AIM Rules for Companies:

 

Mr Simon William Bragg (aged 50) holds or has held in the last five years, the following directorships or partnerships:

 

Current directorships / partnerships

Past directorships / partnerships

Oriel Securities Holdings Limited

Bone Assets Limited

Oriel Securities Limited

Oriel Asset Management LLP

JP Morgan American Investment Trust Plc

Shutt Velo Rapide Limited

 

Oriel Asset Management Limited



 

Mr Bragg is currently interested in 2,700,000 ordinary shares of 1p each in the capital of the Company representing approximately 1.19 per cent. of the Company's issued share capital.

 

There is no further information required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for Companies.

  

Enquiries:

Trap Oil Group plc

 

Mark Groves Gidney, CEO

 

Tel:  020 3170 5586

www.trapoil.com

 

Strand Hanson Limited

James Harris

Matthew Chandler

James Spinney

 

Tel:  020 7409 3494

Mirabaud Securities LLP

Peter Krens

 

Tel:  020 7321 2508

FirstEnergy Capital LLP

Hugh Sanderson

David van Erp

 

Tel:  020 7448 0200

 

Cardew Group

Shan Shan Willenbrock

Lauren Foster

 

Tel:  020 7930 0777

[email protected]

 

 

 

Notes to editors:

 

·      The Trapoil 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 CGG Services (UK) Limited ("CGG") and Applied Drilling Technology International.

 

·      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 CGG's state of the art 3D seismic database over the majority of the Central North Sea area on negotiated terms. CGG 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.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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