Westmount Energy Limited Directorate Change (1270C)
April 11 2017 - 2:01AM
UK Regulatory
TIDMWTE
RNS Number : 1270C
Westmount Energy Limited
11 April 2017
Westmount Energy Limited
("Westmount" or the "Company")
Directorate Change
The Board of Westmount announces that after 10 years of service
to the Company, Mervyn Bradlow, Director, has tendered his
resignation and will step down from the Board with immediate
effect. The Company is also pleased to announce the appointment of
Dermot Corcoran to the Board of Westmount as Director with
immediate effect.
Dermot Corcoran is a petroleum geologist and geophysicist, with
more than 30 years' experience working with both major and minor
hydrocarbon exploration companies globally. Dermot began his career
with ExxonMobil and has previously held E&P roles at Petrofina
S.A., Hess and Statoil. Latterly, he was Head of Exploration at
Petroceltic International PLC, from May 2006 to April 2015.
Dermot's background experience includes many technical and
commercial aspects of petroleum exploration, production and new
business development.
Gerard Walsh, Chairman, commented:
"The Board would like to thank Mervyn for his long period of
service to Westmount and its Shareholders. He has been pivotal to
the success of the Company during his tenure, and a valued member
of the plc Board. We wish him all the best in his retirement.
We are pleased to welcome Dermot to the Board of Westmount, and
he brings with him a wealth of experience of E&P companies
across a broad range of geographies and levels of maturity. We
anticipate that Dermot's background and skill set will
substantially contribute to our strategy to reposition the company
from an energy investment vehicle to a niche E&P player."
Mervyn Bradlow commented:
"I joined the Board of Westmount in May 2007 after the sad death
earlier that year of the founder of our Company, Derek Williams,
having been a friend and advisor to Derek for many years. On
becoming Chairman shortly thereafter, we continued his policy of
realising the value of our investments and distributing the Capital
profits to Shareholders. All in all we repaid 150p compared to the
original placing price of 15p.
The Company, under the Chairmanship of Gerry Walsh and with the
new appointment to the Board of Dermot Corcoran, is repositioning
itself to facilitate direct investment in oil and gas exploration
ventures and it is thus an appropriate time for me to retire from
the Board. I wish the new Board, the Company and its Shareholders
every success for the future."
For further information, please contact:
Westmount Energy Limited www.westmountenergy.com
David King, Director Tel: +44 (0)1534
823028
Cenkos Securities plc Nomad Tel: +44 (0)20
and Broker 7397 8900
Nicholas Wells / Elizabeth
Bowman (Corporate Finance)
Appendix
Full name Current directorships/partnerships: Previous directorships:
(Age)
Dermot Corcoran Petrogen Energy Petroceltic (Jersey)
(57) Services Limited 2009 Holdings
Mags Boreen Residents Limited
Management Company
Limited
As at the date of this announcement, Mr Corcoran holds 3,000,000
ordinary shares in the Company, representing approximately 13.3 per
cent of the issued share capital.
There are no further disclosures to be made in accordance with
paragraph (g) of Schedule Two of the AIM rules for Companies in
respect of Dermot Corcoran's appointment.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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