Island Announces Board Change
Island Oil & Gas plc ("Island" or the "Company") said Wednesday that, following the successful completion of the Celtic Sea drilling program, Jack McKinney has now taken the decision to step down as Acting Finance Director, a role that he undertook on a temporary basis to ensure the prudent financial management and execution of the current drilling program.
Jack guided Island through its listing on AIM in December 2004, was instrumental in establishing a sound financial management team, and completed the arrangements required to facilitate Platinum Petroleum Ltd ("Platinum") becoming a significant shareholder in Island. The Company is now well positioned to move forward to its next stage of development.
He has left the Company's Board with effect from 15 August 2006, and plans to pursue other interests.
Island will now undertake the expansion and restructuring of its Board to reflect the emergence of Platinum as a major shareholder, with 33.27 % of the current issued share capital of the Company. This position arose following the recent conversion of two Convertible Loan Notes totaling £10 million sterling which resulted in the issue of 10 million new Ordinary Shares to Platinum.
Platinum holds a further 10 million Warrants, each of which are exercisable at £1.10 sterling before 9 June 2007. Should Platinum decide to exercise these Warrants, and assuming no further issue of new shares, the Platinum holding in the Company would increase to 41.11 % as approved by the Irish Takeover Panel, and subsequently endorsed by Island shareholders at the EGM held on 9 June 2006.
The Company intends to make a further Announcement in due course giving full details of the new Board structure.
Commenting on Jack's departure, Bryan Benitz, Chairman of Island, stated:
"The Company recognizes and thanks Jack for his immense contribution to the
Company's successful progress since its flotation in December 2004, that
culminated in the execution of the two successful Celtic Sea wells this year.
The Company's strong financial management team remains in place to carry the
business forward. We sincerely thank him for all his valuable counsel and
support, and wish him well for the future."
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