Eland Oil & Gas announce Directorate Changes
Eland Oil & Gas PLC (AIM: ELA), an oil & gas development and exploration company operating in West Africa with an initial focus on Nigeria, today announces the resignation of Andrew Bartlett from his position as a Non-Executive Director of the Company. Eland would like to thank Andrew for all his work and contribution to the Company since 2012. We wish him well in his future endeavours.
Eland is pleased to announce the appointment of Dr Richard Norris as Non-Executive Director of the Company to replace Andrew Bartlett. Richard joins the Board today and will represent Helios Natural Resources, a significant shareholder in Eland.
Dr Richard Norris has over 25 years’ oil and gas experience and is currently Upstream Adviser to Helios Investment Partners. In his early career, Richard held the position of Reservoir Engineer at Elf Aquitaine, subsequently Total, covering upstream operations, reserves, new ventures and economic strategy over a ten year period in France and Angola. Later he established the Technical Director role at BNP Paribas in its European oil and gas structured finance group. More recently he was General Operations Manager for Geopetrol and subsequently in 2010-2011 Richard was CEO and President of the TSX listed Candax Energy.
Richard holds a PhD in Petroleum Engineering and an MSc in Petroleum Geology from Imperial College London as well as a BSc in Geology.
Dr Richard Norris (age 48) directorships in the last five years are as follows:
Last 5 years
Candax Energy Limited
Richard Norris shareholdings in the Company:
Under a success fee arrangement with Helios, Richard Norris is a Limited Partner in HNR Co-Investment Partners LLP (“HNR Co-Investment”), with Helios as the General Partner, whereby HNR Co-Investment indirectly holds on Richard Norris’s behalf, 79,845 ordinary shares in Eland (representing 0.06% of the current issued share capital of the Company) through its investment in Helios Natural Resources Ltd whose only asset is shares in Eland. Any monetisation of the indirect stake is at the sole discretion of the General Partner.
Helios hold, through Helios Natural Resources Limited, 39,600,000 ordinary shares in the Company, including those held on behalf of Dr Norris as described above, representing 28.03% of the current issued share capital of the Company. Helios Natural Resources also hold an additional 10,000,000 Non-Voting Shares.
There is no further information to be disclosed in relation to schedule 2 paragraph (g) of the AIM rules.
Source: Eland Oil & Gas PLC