Enovation Resources, an oil & gas exploration, development and production Company focused on the UK North Sea, US and Asia Pacific, announced the appointment of Neil Ritson as a non-executive director. Ritson adds to Enovation's existing technical expertise by bringing over 30 years practical oil & gas exploration and production experience to the Company.
Ritson joins Enovation at a time when the Company is looking to prove up its high impact assets in the UK North Sea through drilling activities. These assets include a 50% share in Handcross, a 200 mmbbls prospect located West of Shetland and on trend with recent significant discoveries in that area.
Ritson spent over 20 years at BP and served in a number of senior positions internationally, before joining Burlington Resources Inc where he was SVP International. After leaving Burlington Resources, he joined Regal Petroleum as CEO, where he quadrupled the company's market capitalization. Ritson is currently CEO of the Vanguard Energy group which he founded in 2008.
Commenting, Ritson, said:
"My decision to join Enovation Resources was based on the technical strength of the current team as well as the very significant potential of its asset portfolio. Many of these assets are drill ready and the Company is now looking to move them forward through further drilling. Enovation has a very exciting future and I am much looking forward to being part of the team."
Commenting on the appointment, Diz Mackewn, CEO of Enovation Resources, said:
"We are delighted Neil has agreed to work with Enovation Resources. He brings a wealth of expertise and experience in exploration, development and production, as well as a wider understanding of the oil & gas business and the capital markets, which fits well with the Company's existing strengths in bringing prospects to the point of being drill-ready. We believe that with this appointment we are well placed to move the Company on to the next stage in its development."
Having graduated with 1st Class Honours in geophysics at Southampton University, Ritson joined BP International in 1977 as a geophysicist. During his 22 years with BP, he lived and worked in the USA, the Middle East, the Far East, Australia and Europe and held a number of senior management positions, including business unit leader in both Norway and the USA.
In 1999, he joined Burlington Resources Inc and was initially responsible for the Group's exploration and appraisal activities in North Africa. Subsequently he headed the London International Division and in October 2002 he moved to Houston where he was Burlington's SVP International. Ritson left Burlington in 2004 to return to the UK where he set up a successful niche energy sector consultancy, before being recruited to head a turn-around team at UK listed junior Regal Petroleum plc. Ritson stepped down as Chief Executive of Regal in November 2007, having secured a major farm-in from Shell International to Regal's Ukrainian assets and more than quadrupled the company's market capitalization.
In 2008, Ritson launched a private equity backed new start-up oil company, Vanguard Energy Ltd, and an independent oil field service company, VE Resources Limited. Ritson continues as Chief Executive at Vanguard and as Chairman of the service company.
Enovation Resources Limited is a technology focused, independent oil and gas exploration and production company with existing operations and exploration projects in the Gulf of Mexico, the North Sea and in the Asia Pacific region. The head office is located in Hamilton, Bermuda, with regional offices in the UK, US and Singapore.
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