KrisEnergy Ltd., a Singapore-based independent upstream oil and gas company, is now looking for a successor to replace retired CEO Keith Cameron and has appointed Friday non-executive independent director Jeffrey S. Macdonald to the post in the interim.
Macdonald was a former managing director with private equity firm, First Reserve, with responsibility for investment origination, structuring, execution, monitoring and exit strategy, with particular emphasis on the oil and gas reserves sector. Before joining First Reserve, he was a founder and CEO of Caledonia Oil and Gas Ltd., a U.K.-based exploration and production (E&P) firm, and a founding member and managing director of Highland Energy Ltd.
KrisEnergy's interim CEO had also been managing director and chairman of Blackwatch Petroleum Services Ltd., an international E&P consultancy. His other experiences include managing director of Production Testing Services, primarily managing Russia and the Middle East, and as an engineer and project manager with Conoco Inc. in London, Dubai and Houston. Macdonald holds a Bachelor of Science (Hons) in Civil Engineering from Glasgow University.
Former CEO Cameron will remain as an advisor to Macdonald, who will now become an executive director.
“Jeff was appointed to the Board in October 2009 in the early stages of KrisEnergy’s development and we have the benefit of his experience and business perspectives in this transition phase as we continue to navigate our way through challenging financial conditions which our industry is facing,” Will Honeybourne, KrisEnergy's non-executive chairman said in the press release.
Meanwhile, KrisEnergy announced Friday that its revolving credit facility has been transferred to a single lender, DBS Bank Ltd. The previously disclosed requirements for repayment and cancellation of $55 million of the facility by July 29 and the raising of minimum new capital of $100 million and $50 million (both amounts being net of costs) by June 30 and Nov. 30, respectively, will no longer apply.
Liquidity and capital management continue to be a priority for the Group. The credit facility is secured by the KrisEnergy's producing assets in the Gulf of Thailand and in Bangladesh, and development assets in the Gulf of Thailand and in Indonesia.
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