Amerisur Resources PLC Board Changes and Remuneration Update (1253T)
January 03 2017 - 2:00AM
UK Regulatory
TIDMAMER
RNS Number : 1253T
Amerisur Resources PLC
03 January 2017
3(rd) January 2017
Amerisur Resources Plc
Board Changes and Remuneration Update
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil
and gas producer and explorer focused on South America, announces
the retirement from the Board of executive Directors Victor
Valdovinos and George Woodcock effective from 31(st) March
2017.
Giles Clarke, Chairman of Amerisur commented:
"I would like to thank Victor and George for their significant
contribution to the growth of Amerisur."
In addition, as part of an external board evaluation and
succession planning process, the Board has appointed a leading
executive search firm to source two additional independent
non-executive Directors: one with significant City experience; and
one with considerable oil industry experience. This process is
being overseen by Christopher (Chris) Jenkins, an independent
non-executive Director, who has been appointed to the Nomination
Committee. A further update will be made as to progress in due
course, and the activities of the search firm and Nomination
Committee will be reported upon within the next Annual Report, as
per The UK Corporate Governance Code (the 'Code') Provision
B.2.4.
Following the changes, the Board of Amerisur will have two
executive Directors, a Chairman and six non-executive Director
members, which will see the Board exceed the expected level of
independent director representation for an AIM listed company. The
ongoing Board refreshment is intended to maintain an appropriate
balance of skills and experience as suggested by Principle B.2 of
the Code, something shareholders have encouraged.
In addition, the Company's Remuneration Committee is conducting
a complete review of the Company's remuneration policy and
practices with the support of a respected third party remuneration
consultancy. The Remuneration Committee does not intend to make any
option awards in 2017 except to a select number of Colombia based
personnel, and the Chairman has indicated that he wishes no longer
to receive options in the Company. In addition, as a commitment to
ongoing transparency for shareholders, the Board confirms that it
will again be voluntarily submitting the Remuneration Report to a
shareholder vote at the AGM to be held in May.
Ends
Enquiries:
Billy Clegg / Georgia Tel: +44 (0)203
Edmonds 757 4980
Camarco
Callum Stewart / Ashton Tel: +44 (0)20
Clanfield / Nicholas 7710 7600
Rhodes
Stifel Nicolaus Europe
Limited
Chris Sim / George Price Tel: +44 (0)207
597 4000
Investec
Darrell Uden / Marcus Tel: +44 (0)207
Jackson 653 4000
RBC Capital Markets
Notes to editors
Amerisur Resources is an independent full-cycle oil and gas
company focused on South America, with assets in Colombia and
Paraguay and production from the Platanillo field in southern
Colombia. In 2016 Amerisur successfully built and is 100% owner of
the strategic OBA oil transfer line into Ecuador.
In Colombia, the Company is operator and has a 100% working
interest in the Platanillo block which includes the Platanillo
field. The Company has a strong position in the Putumayo basin and
has a cluster of near term activity assets around the OBA export
line including the Platanillo block, Put-8, Put-9, Put-12 and
Coati. It has a diverse portfolio of longer term exploration
assets.
www.amerisurresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
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