DJ Management & Board changes
Gulf Keystone Petroleum Ltd (GKP)
Management & Board changes
05-Feb-2024 / 07:00 GMT/BST
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5 February 2024
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP", "the Group" or "the Company")
Management & Board changes
Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, announces that the
Company's Chief Financial Officer ("CFO") Ian Weatherdon, after a distinguished international career of 35 years, has
decided to retire as CFO and a Director and will not be standing for re-election at the Company's upcoming Annual
General Meeting ("AGM") in June 2024. Ian will be replaced as CFO by Gabriel Papineau-Legris, the Company's current
Chief Commercial Officer ("CCO") following the AGM.
Ian has been CFO of GKP since January 2020 in charge of financial, information technology and investor relations
activities. Since joining, he has played a key role in building and developing high performing teams whilst overseeing
industry leading returns to shareholders during a period of strong production growth and elevated oil prices and
maintaining a strong balance sheet. Ian was instrumental in managing the company through the difficult periods of Covid
and from the Iraq-Turkey Pipeline ("ITP") shut-in since March 2023 which necessitated GKP having to pause its
development program and focus on costs, accounts payable and maintaining its liquidity. Ian is passionate about people
and has built a very strong team which will be an enduring legacy.
We are pleased to announce that Gabriel Papineau-Legris, GKP's Chief Commercial Officer, will be appointed CFO and
Executive Director after the AGM in conjunction with Ian stepping down. Ian will work with Gabriel to ensure an
effective and timely transition and handover. Gabriel joined GKP in 2016 with strong private equity and investment
banking credentials(1). Gabriel's contribution over the last 7 years since the company's restructuring has been pivotal
and makes him the natural successor to Ian as CFO.
Martin Angle, Chairman of the Company, said: "On behalf of the Board, I would like to thank Ian for his substantial
contribution over the past four years. He has played a key role in strengthening GKP's balance sheet and achieving
industry leading returns to shareholders during our profitable growth phase. He has also managed the Company's
liquidity very successfully during difficult times, including Covid and the ITP shut-in. We wish Ian well for his
deserved retirement and welcome Gabriel as the new CFO and Board member."
Jon Harris, Chief Executive Officer, said: "It has been a privilege to work with Ian who has played a key role in
building the Company. His legacy will be a very strong team and the robust financial position GKP enjoys today despite
having been through a very difficult year. I look forward to continuing to work closely with Ian over the coming
months, at what remains an important time for us as we preserve liquidity. I echo the Chairman's thanks for his
important contribution to the Company throughout his tenure as CFO and have no doubt that he will enjoy his
retirement."
Kimberley Wood, who is currently the Senior independent Director, has advised the company she will be resigning from
the Board. She will step down on the earlier of a replacement being appointed or the date of the 2024 AGM. Kimberley
has recently accepted an executive appointment and is therefore required to reduce her Board commitments in order to
meet the corporate governance guidance. A process has commenced to find her successor and an announcement will be made
in due course.
Martin Angle, Chairman of the Company, said: "On behalf of the Board, I would like to thank Kimberley for her valued
contribution to the company during her 5 year tenure. Kimberley has, during this time, acted as chair of the
Remuneration Committee, Senior Independent Director and Deputy Chair, and has offered wise counsel in these roles. We
wish her well in her new executive role".
(1) There is no information to disclose under LR 9.6.13 pertaining to the appointment of Gabriel Papineau-Legris.
Enquiries:
Gulf Keystone: +44 (0) 20 7514 1400
Aaron Clark, Head of Investor Relations
& Corporate Communications aclark@gulfkeystone.com
FTI Consulting +44 (0) 20 3727 1000
Ben Brewerton
GKP@fticonsulting.com
Nick Hennis
or visit: www.gulfkeystone.com
Notes to Editors:
Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq. Further information on Gulf Keystone is available on its website www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements that are subject to the risks and uncertainties associated with the oil & gas exploration and production business. These statements are made by the Company and its Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent risks and uncertainties, including both economic and business factors and/or factors beyond the Company's control or within the Company's control where, for example, the Company decides on a change of plan or strategy. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.
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ISIN: BMG4209G2077 Category Code: MSCH TIDM: GKP LEI Code: 213800QTAQOSSTNTPO15 Sequence No.: 301518 EQS News ID: 1829699 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
February 05, 2024 02:00 ET (07:00 GMT)
