Sterling Energy Chairman Retires

Sterling Energy plc announced Wednesday that Executive Chairman Alastair Beardsall will be retiring with immediate effect after six years of service for personal reasons. Beardsall will also retire from the board of directors.

Nicholas Clayton, who joined the Sterling Energy board as a non-executive director in October 2009, has been appointed by the board to succeed Beardsall in the position of non-executive chairman with immediate effect.

Clayton has provided strategic and corporate finance advice to a number of public and private oil and gas companies since January 2007. Prior to that, he held a number of senior oil and gas advisory, finance and banking roles, including global co-head of oil and gas corporate finance for Canaccord Adams and global head of oil and gas corporate finance for Dresdner Kleinwort Wasserstein. He serves as a non-executive director of Alpha Petroleum Resources Limited and Circle Oil plc, where he is chairman of the remuneration committee.

“I would like to thank Alastair, on behalf of the board and all stakeholders, for his invaluable contribution to Sterling Energy over the past six years,” said Sterling’s incoming chairman Nick Clayton in a company statement.

“The external environment is extremely challenging but we are well placed to take advantage of new opportunities that are beginning to emerge,” he added.

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