TIDMNPE
RNS Number : 4814U
Nautical Petroleum PLC
25 June 2009
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| For immediate release | 25 June 2009 |
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Nautical Petroleum plc
("Nautical" or "the Company")
Board Appointment and Director's Shareholding
Nautical appoints John Conlin as Non-Executive Chairman
Nautical Petroleum (AIM:NPE), the independent exploration and production company
focused on the development of heavy oil assets in the UK and Europe is pleased
to announce the appointment of Mr. John Conlin as Non-Executive Director and
Chairman of the Company, effective from the 24 June 2009.
Mr. Conlin, aged 56, has over 34 years experience in the Oil and Gas industry,
including 28 years with Shell in various senior management and operational
roles.A petroleum engineer by profession, Mr. Conlin has previously served as a
Non-Executive Director of Hardman Resources Limited and Delphian Technology
Limited, and as Chairman of Fuelture Limited.
Mr. Patrick Kennedy, who has held the role of Acting Non-Executive Chairman
since October 2008, remains on the Board as a Non-Executive.
Following his appointment, Mr. Conlin has been granted, under the Company's
Share Option Scheme, options over 30,000 ordinary shares of 20.0p each in the
Company. The options are to subscribe for new shares in the Company at an
exercise price of 57.10 per share (being the average of the middle market
quotations of Nautical shares for the 30 trading days preceding 24 June 2009).
The options may be exercised semi-annually, on a pro rata basis, over a 24-month
period from 24 June 2009. All share options must be exercised before 24 June
2017, failing which they will lapse.
As a result of the grant of these options, Mr. Conlin has the following interest
in the ordinary share capital of the Company:
+------------------+------------+----------+
| | Ordinary | Share |
| | shares | options |
| | number | number |
+------------------+------------+----------+
| Mr. John Conlin | 0 | 30,000 |
+------------------+------------+----------+
Commenting on the appointment of Mr. Conlin, Steve Jenkins, Chief Executive
Officer of Nautical said:
"I'm delighted that John has agreed to join the Board in the position of
Non-Executive Chairman. John brings to Nautical 34 years of senior management,
technical and operational experience in the Oil and Gas industry. His
substantial corporate experience and understanding of developing growing
companies will be invaluable as Nautical continues to progress our core assets
to development"
There is no other information that is required to be disclosed pursuant to
Schedule 2 paragraph (g) of the AIM Rules, save as set out below:
+----------------------------------------+----------------------------------------+
| Current Directorships | Past Directorships within last 5 years |
+----------------------------------------+----------------------------------------+
| | Hardman Resources Limited |
+----------------------------------------+----------------------------------------+
| | Delphian Technology Limited |
+----------------------------------------+----------------------------------------+
| | Fuelture Limited |
+----------------------------------------+----------------------------------------+
For further information please contact:
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| Nautical Petroleum plc | 020 7550 4890 |
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| Steve Jenkins, Chief Executive Officer | |
| Paul Jennings, Commercial Director | |
| Will Mathers, Finance Director | |
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| Buchanan Communications | 020 7466 5000 |
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| Ben Romney | |
| Ben Willey | |
| | |
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| Evolution Securities - Nominated Advisor & Joint | 020 7071 4300 |
| Broker | |
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| Rob Collins | |
| Neil Elliot | |
| Adam James | |
| | |
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| Ambrian Partners Limited - Joint Broker | 020 7634 4700 |
+--------------------------------------------------+---------------------+
| Richard Swindells | |
| Alexandra Carse | |
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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