Gulf Keystone Petroleum Restructures Board and Management

Gulf Keystone Petroleum reports a re-structuring of its board and management:

Board and senior management resignations:

  • Mr Roger Parsons, non-executive Chairman, has resigned from the Board of the Company with immediate effect.
  • Dr Jon Cooper has given notice of his resignation as Finance Director and from the Board of the Company. He will leave the Company and the Board on expiration of the contractual six-month notice period.
  • Mr Bill Guest, President, has resigned his executive role and from the Board of the Company with immediate effect to resume his independent upstream advisory activities. He will provide advisory support to the Company going forward on an ad hoc basis.
  • Sheikh Sultan Bin Saqr Al-Qassimi, has resigned as a non-executive director with immediate effect.
  • Mr. Iain Patrick has resigned as Director of Commercial & Legal Affairs of Gulf Keystone Petroleum (UK) Limited and will leave Gulf Keystone Petroleum (UK) Limited on expiration of an agreed notice period.

The Board has appointed:

  • Mr Todd Kozel, co-founder, shareholder and Chief Executive of the Company, as Executive Chairman with immediate effect. Mr Kozel is directly interested in 20,050,000 Common Shares of Gulf Keystone. Mr Kozel is also a shareholder in Gulf UAE, which is interested in 40,000,000 Common Shares.
  • Mr Ali Al-Qabandi (CPA, ICPA), as a director of the Company. Mr Al-Qabandi, a co-founder of Gulf Keystone, has been serving the Company in the capacity of Business Development Officer. He has extensive senior experience of the oil & gas industry including as co-founder and CFO of the Company, numerous executive positions and committee chairmanships for the Kuwait Oil Company and Kuwait National Petroleum Company. Mr Al-Qabandi is directly interested in 5,000,000 Common Shares of Gulf Keystone. Mr Al-Qabandi is also a shareholder in Gulf UAE which is interested in 40,000,000 Common Shares.

The Board intends to appoint two new independent non-executive directors and a Finance Director. The Board is actively searching for suitable candidates to these positions and will update shareholders in due course.

  • Mr David Mackertich remains Executive Vice President Exploration and Technical. Mr Mackertich is an exploration geologist with 19 years experience including with the British Geological Survey and Amerada Hess. David has a degree in Geology, an M.Sc in Petroleum Geology and an MBA.

Mr Todd Kozel, Executive Chairman, said:

“I believe that Gulf Keystone is well positioned to grow as an independent oil & gas company. We have in place a highly experienced core management and technical team on which we will build further and we are confident of making strong and rapid progress towards our twin objectives of crystalising further value from our Algerian portfolio and diversifying our activities outside Algeria.”