TIDMJOG
RNS Number : 8135A
Jersey Oil and Gas PLC
01 October 2015
01 October 2015
Jersey Oil and Gas plc
("Jersey Oil and Gas", "JOG" or the "Company")
Directorate Changes
Jersey Oil and Gas (AIM: JOG), which is pursuing a production
led acquisition strategy in the North Sea, is pleased to announce
the appointment of Frank Moxon as non-executive Director and that
Elwyn Jones, non-executive Director, will step down from the Board
with effect from 1(st) October 2015.
Mr Moxon has over 25 years' experience as a corporate financier
developing and growing companies in a wide range of industrial
sectors. He has specialised for 17 years in natural resources, and
is or has been a director of a number of mining and oil & gas
companies quoted in London, Australia and Canada. Amongst other
things, he is a former head of corporate finance at Williams de
Broë Plc and, until its August 2012 sale to PTT for GBP1.2 billion,
was senior independent non-executive director at Cove Energy Plc.
Currently, Mr Moxon is Managing Director of Hoyt Moxon Ltd, a
corporate finance consultancy. He has a BSc in Economics and is a
Chartered Fellow of the Chartered Institute for Securities and
Investment, a Fellow of the Energy Institute and a member of the
Petroleum Exploration Society of Great Britain.
Mr Moxon will Chair the Remuneration Committee and Nomination
Committee and will sit as a member of the Audit Committee.
Marcus Stanton, Chairman of Jersey Oil and Gas, commented:
"I am delighted to welcome Frank to the Board and look forward
to working with him in the years ahead. Frank brings with him 25
years' experience in corporate finance and 17 years' experience
working within the Oil & Gas sector. We look forward to
benefiting from his considerable experience given the recent
implementation of our new strategy and focus on M&A
opportunities.
"I would like to thank Elwyn for his contribution to the Board
and Company, and wish him well in his future projects."
**Ends**
Notes to editors:
Before being acquired by Jersey Oil and Gas plc on 14 August
2015, Jersey Oil and Gas E&P Ltd. was incorporated in Jersey on
7 March 2014 and was established by an experienced exploration and
production team with a multinational track record of operating
assets and managing upstream-focussed oil and gas companies.
Andrew Benitz, CEO was Director of Longreach Oil and Gas Ltd.
and previously worked at Deutsche Bank within the Oil and Gas
Corporate Finance team and within the Equity Capital Markets team.
The COO of the Company is Ron Lansdell who also joined the Board on
completion of the JOG acquisition. Ron was Vice President of
Exploration and Director at Longreach Oil and Gas Ltd. and has held
a number of senior technical and commercial roles during a 15 year
career at ENI S.p.a./Agip ("ENI/Agip"). These roles included being
posted to Nigeria, Kazakhstan and the United Kingdom.
JOG's strategy is focused on maintaining, developing and
exploiting a portfolio of North Sea assets with a greater focus on
producing assets in order to seek to unlock the inherent value in
the Group's existing tax losses and will seek to assess and acquire
potential further North Sea oil and/or gas producing assets, some
of which have already been identified and are currently undergoing
due diligence and/or subject to ongoing commercial negotiations.
Any acquisitions that are taken forward will be financed from one
or more of the combined group's balance sheet, the proceeds from
strategic sales of selected parts of the combined group's asset
portfolio and further equity and debt capital raises.
The target acquisition profile includes mature production assets
with long profiles and upside potential, oil and/or gas from a
sub-sea tie-back, satellite fields, or production-based tariff
agreements with limited exposure to host platform costs, low capex
and opex costs and manageable decommissioning liabilities.
Additional information on the Directorate Appointment
The following additional information is provided in accordance
with AIM Rule 17 and Schedule Two, paragraph (g) of the AIM Rules
for Companies:
Frank Hoyt Moxon (aged 49)
Current directorships/partnerships
Chartered Institute for Securities & Investment
Hoyt Moxon Ltd
Hoyt Moxon Capital Ltd
Imperial Minerals Plc
Imperial Minerals (UK) Limited
Mapal Group plc
Swala Energy Ltd
Previous directorships/partnerships (last 5 years)
Cove Energy Plc
Diabetes UK Services Ltd
EastCoal, Inc.
Reach Volunteering
Silvermere Energy plc
The British Diabetic Association
Whetstone Minerals Ltd
Hoyt Moxon Ltd., a company wholly owned by Frank Moxon, is
beneficially interested in 80,390 ordinary shares in Jersey Oil and
Gas, representing approximately 0.96 per cent. of the currently
issued share capital.
Mr Moxon was a non-executive director of Silvermere Energy Plc
which entered into a creditors' voluntary arrangement approved by
creditors and shareholders on 16 August 2013 and completed on 20
December 2013. Total unsecured claims amounted to GBP1,043,532.
Under the terms of the CVA creditors were issued with equity in the
company (which was renamed Tern Plc and is quoted on AIM) in lieu
of cash in order to settle all claims.
Mr Moxon was a non-executive director of EastCoal Inc. from
October 2012 until October 2013 which entered into a form of
creditors' voluntary arrangement (under Canadian law) approved by
creditors on 22 April 2014 and completed in August 2014. Total
secured and unsecured claims amounted to C$3,026,122 in respect of
which there was a deficiency of C$2,575,154. Under the terms of the
arrangement creditors each received a cash payment of approximately
15 per cent. (pre-tax) of monies owed.
Mr Moxon was a non-executive director of Whetstone Minerals Ltd
until March 2013 which was voluntarily wound up without the
appointment of a liquidator in December 2013 with net assets of
approximately $1.4 million.
Other than the information set out above there is no other
information required to be disclosed in connection with the
appointment of Mr Moxon under AIM Rule 17 and Schedule Two,
paragraph (g) of the AIM Rules for Companies.
Enquiries:
Jersey Oil Andrew Benitz, CEO Camarco:
& Gas plc Tel: 020 3757 4983
Strand Hanson James Harris Tel: 020 7409 3494
Limited Matthew Chandler
James Spinney
FirstEnergy Hugh Sanderson Tel: 020 7448 0200
Capital LLP David van Erp
Camarco Billy Clegg Tel: 020 3757 4983
Georgia Mann
This information is provided by RNS
The company news service from the London Stock Exchange
END
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