The Sterling Energy Board of Direcotrs has been considering how best to enhance the performance of the Company’s asset base, to carry out its growth strategy and to maximize value for its stakeholders. As a result, the following changes have been reported.
Harry Wilson, currently Chief Executive Officer (“CEO”), will become Executive Deputy Chairman and will focus primarily on business development opportunities which will assist Sterling to implement its growth strategy more effectively. A founder of Sterling, he has been its CEO since its listing on AIM over 5 years ago.Graeme Thomson, currently Finance Director, Company Secretary and responsible for Sterling’s USA business, will become CEO. Also a founder of Sterling, he has been an Executive Director for over 5 years and has worked in a variety of roles in the oil industry for over 25 years.
Jonathan Cooper will become Finance Director and Company Secretary. For the last 2 years he has been finance director at Gulf Keystone Petroleum and previously spent 9 years at Dresdner Kleinwort Wasserstein, where he worked as a Director in the Oil & Gas Corporate Finance Team.
Sterling also announces that Paul Griggs, its Commercial Director, will be leaving the Company and stepping down as a Director on or around 30 April 2008. Paul has played an important part in the development of Sterling over the last 3 years including the successful completion of the US $145 million Whittier transaction and signing of a Production Sharing Contract in Kurdistan in 2007. He feels it is a good time to move on to new challenges and the Company wishes him every success in the future.
Dr Richard Stabbins, Chairman, said, "These changes will enable Sterling to focus on working its asset base more effectively and to fulfill its development potential. Having been Chairman now for six months, I can see great promise in the Company that needs to be unlocked. With our bank debt now refinanced, we expect that 2008 will be an exciting year as a result of our investments in production and exploration."
Graeme Thomson, CEO, said, "We expect to drill prospects in the coming year that could significantly alter the reserves base of Sterling. In both Gabon and Madagascar there is major upside potential. Kurdistan is on track for drilling in 2009, whilst our USA programme is intended to strengthen a core producing area. Whilst we have a number of challenges to deal with, I believe our experienced and dedicated team can ensure success."
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