Sterling announced the appointment of David Blewden to the position of Chief Financial Officer (CFO), replacing Ian Hornby-Smith who is retiring but will remain in a supporting capacity in order to ensure a smooth transition. This appointment coincides with Sterling's plan to move the CFO role to the United Kingdom closer to its operations offices and in proximity to the Company's London-based bankers, advisors and industry partners. Mr. Blewden will assume his new role on August 2, 2010, subject to the approval of the TSX Venture Exchange.
David Blewden is a senior financial executive with extensive international experience in oil and gas financial management, corporate finance and energy investment banking. From 2008 until earlier in 2010 he served as CFO of PetroSaudi Internationalc. From 2006 to 2008 he served as CFO of African Arabian Petroleum. Previous to this he held senior financial positions at Yukos Oil Company. Mr. Blewden holds a BA (Honours) and MA in Natural Sciences from Trinity College, Cambridge, England.
"On behalf of the Board of Directors, I am delighted to welcome David to Sterling. His extensive background in the financial side of the international oil and gas industry will be extremely valuable to our team as the Company continues its exploration, appraisal and new development projects," stated Mike Azancot, Sterling's President and Chief Executive Officer. "At the same time we express our sincere thanks to Ian for his significant contribution to Sterling's success so far, particularly during recent challenging times in the capital markets," added Mr. Azancot.
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