Europa Oil & Gas (Holdings) Plc Board Changes

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
21 November 2019 
 
          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') 
 
                                 Board Changes 
 
The Board of Europa Oil & Gas (Holdings) plc (the "Board") announces that, by 
mutual agreement, Mr Hugh Mackay, the Chief Executive Officer and an Executive 
Director since 2011, has stepped down from the Board with immediate effect. 
Hugh will remain an employee of the Company at this time and will be leaving 
the Company on 31 December 2019 after a handover period. Mr Simon Oddie moves 
from the role of Non-Executive Chairman of the Company to Interim Chief 
Executive Officer and Executive Chairman, until a new Chief Executive Officer 
is appointed. 
 
Hugh's achievements while Chief Executive Officer include spearheading Europa's 
very high impact exploration activities both offshore Ireland and more recently 
Morocco. He has also overseen Europa's onshore UK exploration, development and 
production position. 
 
The decision to appoint a new Chief Executive Officer reflects the Company's 
strategy to diversify its asset base by adding new ventures in the appraisal/ 
development part of the business. With regard to its existing portfolio, the 
Board confirms that its farm out activities continue as set out in the 
announcement of 29 October 2019, from which there is no further update. 
 
Commenting, Simon Oddie, Chairman of Europa, said: "On behalf of the Board, I 
would like to thank Hugh for his service to the Company. Hugh was appointed CEO 
in 2011 and inherited a varied portfolio of exploration licences in Ireland, 
France, Western Sahara and Romania as well as onshore UK production. He worked 
up and focused the Company on a series of drillable exploration prospects 
capable of being farmed out. As a result, Europa has very high impact 
exploration positions offshore Atlantic margin in Ireland and Morocco as well 
as oil development and production onshore UK. Hugh has also been successful in 
attracting institutional investors to the Company's share register. This 
provides Hugh's successor with a solid base for the future development of the 
Company. We wish Hugh the best for the future." 
 
Hugh Mackay said: "I have enjoyed my eight years at Europa and am proud of the 
position we have built as a leading Atlantic margin explorer in Ireland and our 
new entry into Morocco. I am confident that the scene is now set for positive 
outcomes at Inishkea and Wressle and that the time is right for new leadership 
to take the Company forward. I wish the staff, Board and shareholders of Europa 
all the very best for the future." 
 
Background on Simon Oddie 
 
Simon, an engineer, has more than 40 years of relevant experience as a 
petroleum engineer, technical consultant, manager and investment adviser in 
upstream oil and gas. He has worked with Schlumberger, ERC Energy Resource 
Consultants, Enterprise Oil and Gemini Oil and Gas Advisors LLP. 
 
He was CEO of Enterprise Italy during its first operated exploration drilling 
both on and offshore. Simon more recently was the architect of the Gemini Oil 
and Gas royalty funds where he established a solid track record in fundraising, 
investor relations, and origination, evaluation and execution of oil and gas 
deals. 
 
Background on Hugh Mackay 
 
Hugh, a geologist, has more than 30 years experience in the oil and gas sector, 
including eight years at BP in a variety of technical roles in the UK, Oman and 
Egypt, then ten years at Enterprise Oil in leadership roles, culminating as 
head of the SE Asia division. Hugh was part of the leadership team that sold 
the Peak Group to AGR and co-founded Avannaa Resources, a leading mineral 
exploration company in Greenland and which was later sold to Cairn Energy. For 
the last eight years he has been CEO of Europa Oil & Gas and led its transition 
to a high impact Atlantic margin explorer. 
 
The information communicated in this announcement contains inside information 
for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. 
 
                                 * * ENDS * * 
 
For further information please visit www.europaoil.com or contact: 
 
Simon Oddie         Europa                      + 44 (0) 20 7224 
                                                3770 
 
Phil Greenhalgh     Europa                      + 44 (0) 20 7224 
                                                3770 
 
Christopher Raggett finnCap Ltd                 + 44 (0) 20 7220 
                                                0500 
 
Simon Hicks         finnCap Ltd                 + 44 (0) 20 7220 
                                                0500 
 
Camille Gochez      finnCap Ltd                 + 44 (0) 20 7220 
                                                0500 
 
Frank Buhagiar      St Brides Partners Ltd      + 44 (0) 20 7236 
                                                1177 
 
 
Notes 
 
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage 
hydrocarbon assets that includes production, exploration and development 
interests, in countries that are politically stable, have transparent licensing 
processes, and offer attractive terms. In 2019 Europa produced 91 boepd. Its 
highly prospective exploration projects include the Wressle development in the 
UK (targeting production start-up in 2020 at 500 bopd gross) and six licences 
offshore Ireland with the potential to host gross mean un-risked prospective 
resources of 6.4 billion barrels oil equivalent and 1.5 tcf gas across all six 
licences. The Company's flagship project offshore Ireland is the Inishkea 
prospect - a near field gas exploration project with 1.5 trillion cubic feet 
('TCF') gross mean un-risked prospective gas resources. 
 
 
 
END
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