Petroceltic Names O'Cathain Executive Chairman

Petroceltic International plc has appointed Brian O'Cathain a director and the Executive Chairman of the Dublin-based company with immediate effect.

Brian Cusack, the former Executive Chairman of Petroceltic has stepped down from his role as chairman but remains on the Board of Petroceltic as a non-executive director.

O'Cathain, 47, is a geologist and petroleum engineer with twenty three years experience in senior technical and commercial roles in upstream oil and gas exploration and production companies. Prior to joining Petroceltic, he was the Chief Executive of AIM listed African exploration and production company Afren plc, which grew under his leadership to a company with a diversified portfolio in a number of African countries. He trained and worked as a Petroleum Engineer with Shell International, and with Enterprise Oil, where he was principally involved with acquisitions and divestments and corporate strategy. Before joining Afren, he was Managing Director of Tullow Oil's international business, where he was responsible for the international growth of Tullow, and involved in the successful acquisition of Energy Africa.

"We are delighted to welcome Brian O'Cathain to the Board," said Cusack. "Brian is a well-respected figure in the international oil and gas business and his decision to take up this role as our Executive Chairman is a reflection of the potential for growth that he sees in the company's portfolio.

"I have been Chairman of Petroceltic since inception, and I am pleased to see that the Company since its listing has been one of the best performers on the London AIM market. It is now time for me to step aside and to place the Chairmanship of the company in new hands, ready to take us forwards to our next stage of growth."

"Petroceltic has the correct building blocks in place to become a leading independent oil and gas player in North Africa and the Mediterranean regions; a highly experienced management team, good regional partners and advisors, a strong exploration and production portfolio, and access to exciting opportunities in the region," noted O'Cathain. "I look forward to working with the existing executive team and the board in building Petroceltic into a leading independent upstream company in these regions."