Genel Energy PLC: Directorate Changes

Genel Energy PLC (GENL) 
Genel Energy PLC: Directorate Changes 
 
06-Feb-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
6 February 2020 
 
           Genel Energy plc 
 
           Directorate Changes 
 
      Genel Energy plc ('Genel' or 'the Company') is pleased to announce the 
 appointment of David McManus as Chairman with immediate effect. Sir Michael 
 Fallon has been appointed as senior independent Non-Executive Director, and 
      Tolga Bilgin and Hassan Gozal have also been appointed to the Board as 
                      Non-Executive Directors. 
 
       David McManus has more than 40 years of experience in the oil and gas 
 industry, having held various executive roles at Pioneer Natural Resources, 
           BG Group, ARCO, Ultramar, and Shell. He is currently serving as a 
  Non-Executive Director at Hess Corporation, a large, integrated US oil and 
  gas company; FlexLNG, a Norwegian listed LNG shipping company; and Costain 
Group PLC, one of the UK's leading smart infrastructure solutions companies. 
      Previous directorships include Rockhopper Exploration plc and Northern 
                      Drilling Limited. 
 
Sir Michael Fallon has 30 years of senior political and business experience, 
 serving in four British Cabinets, and as Non-Executive Director on City and 
    commercial boards. He was MP for Sevenoaks from 1997 to 2019, serving as 
Energy Minister responsible for the oil and gas sector from 2013 to 2014 and 
                      as Secretary of State for Defence from 2014 to 2017. 
 
    Sir Michael will act as Senior Independent Director, Deputy Chairman and 
 Chairman of the International Relations Committee. George Rose is remaining 
 at Genel as an independent Non-Executive Director and Chairman of the Audit 
                      Committee. 
 
   Tolga Bilgin has been CEO of Bilgin Energy Holding, and its subsidiaries, 
 since 2014. Bilgin Energy Holding is a pioneer and a leading Turkish energy 
 firm, that owns, operates and sells electricity from wind, natural gas, and 
                hydroelectric projects, and is a major shareholder of Genel. 
 
    Hassan Gozal is Chairman of Daax Corporation, a Dubai based company with 
 investments in a wide range of sectors, notably energy and oil, oil and gas 
     trading, construction, and property development with significant Middle 
Eastern experience, including the Kurdistan Region of Iraq. Daax Corporation 
                      is a major shareholder of Genel. 
 
      As a temporary result of these appointments, the majority of the Board 
     (excluding the Chairman) is not independent. It is the intention of the 
     Board to appoint one further independent Director to return to an equal 
          balance of independent versus non-independent Directors as soon as 
                      reasonably practicable. 
 
                      George Rose, Non-Executive Director of Genel, said: 
 
 "I am delighted to welcome David to the Board. He has vast experience which 
will help guide the Company through the next phase in our development, as we 
   build our operating capability and seek material growth. The appointments 
          today bring significant industry and international expertise, with 
    experience of operating, investing, and delivering major projects in the 
                      region." 
 
                      David McManus, Chairman of Genel, said: 
 
   "Genel has built a portfolio with a compelling mix of cash-generation and 
      funded growth options. I look forward to working with the Board as the 
        Company continues to deliver on its strategy, enters an exciting new 
     chapter, and strives to take advantage of the significant opportunities 
                      ahead." 
 
       No further information is required to be disclosed under Listing Rule 
                      9.6.13R. 
 
           -ends- 
 
                      For further information, please contact: 
 
Genel Energy                          [phone] 
 
Andrew Benbow, Head of Communications 
 
Vigo Communications                   [phone] 
 
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.:  45009 
EQS News ID:   969309 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=969309&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

February 06, 2020 02:00 ET (07:00 GMT)