Genel Energy PLC (GENL)
Genel Energy PLC: Directorate Change
04-Dec-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
4 December 2019
Genel Energy plc
Directorate Change
Following the announcement of 16 May 2019, in which it was stated that Steve
Whyte, Chairman of Genel Energy plc ('Genel' or 'the Company'), would not be
standing for re-election at the 2020 Annual General Meeting, the Company
announces that Steve has now resigned with immediate effect.
George Rose, Senior Independent Non-Executive Director, will act as interim
Chairman until the ongoing search for a permanent Chairman is completed.
George Rose, interim Chairman of Genel, said:
"When Steve joined Genel the Company had net debt of almost $150 million and
unpaid oil receivables of over $400 million. He was a driving force behind
the Receivable Settlement Agreement, which has transformed Genel's financial
position. We now have a stronger portfolio with exciting growth options and
the right team to deliver them. Our highly cash generative oil production
more than funds this growth, with sufficient cash left over to pay a
material and progressive dividend. I would like to thank Steve for his
efforts at Genel and look forward to seeing his future successes."
-ends-
For further information, please contact:
Genel Energy +44 20 7659 5100
Andrew Benbow, Head of Communications
Vigo Communications +44 20 7390 0230
Patrick d'Ancona
Notes to editors:
Genel Energy is an independent oil and gas exploration and production
company listed on the main market of the London Stock Exchange (LSE: GENL,
LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and
offices in Ankara and Erbil, is one of the largest London-listed independent
oil producers, and is the largest holder of reserves and resources in the
Kurdistan Region of Iraq. Genel has highly cash-generative oil production
from the Taq Taq and Tawke licences, with material growth potential from
other assets in the portfolio. Genel also continues to pursue further growth
opportunities. For further information, please refer to www.genelenergy.com
[1].
ISIN: JE00B55Q3P39
Category Code: BOA
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 33123
EQS News ID: 927615
End of Announcement EQS News Service
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(END) Dow Jones Newswires
December 04, 2019 02:00 ET (07:00 GMT)
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