UK Oil & Gas Appoints New CEO
Junior energy firm UK Oil & Gas announced Tuesday that it has appointed Stephen Sanderson as its new CEO.
Sanderson is a petroleum geologist with more than 30 years' experience in the upstream energy sector. UKOG said he has been directly involved in making numerous commercial conventional hydrocarbon discoveries, including the giant Norwegian Smørbukk-Midgard field complex for ARCO (now BP).
Sanderson also has experience in creating and leading exploration-focused businesses. In a variety of senior management roles he has operation exploration and new venture programs for ARCO, German independent Wintershall and three junior start-up firms.
UKOG's Chairman David Lenigas commented in a company statement:
"Having been the author of the technical appraisal of our recent Horse Hill discovery in the Weald Basin and for our 14th Round application, Stephen will add significant technical and commercial strength to the company's management team as we endeavour to add value to shareholders from our rapidly growing exploration and production acreage here in the UK."
Sanderson himself commented:
"Whilst early 2015 is a challenging time for the energy sector this is a particularly exciting and active period for UKOG. The company has built significant momentum in the last year through the Horse Hill-1 discovery, its acquisition of Northern Petroleum's UK producing and exploration portfolio, acquisition of interests in the producing Brockham and Lydsey fields and the 14th Round Isle of Wight onshore application. I am particularly pleased that I can expand upon my earlier work for the company on Horse Hill and the Isle of Wight to help shape and focus our efforts to realise near term value from these significant assets."
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