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ATI is pleased to announce the appointment of two new directors to the Board with immediate effect.
Appointment of Chief Executive
Per Gunnar Loge, 59 and a Norwegian national, has over 35 years of experience in the oil and gas sector, mainly offshore Norway, but also has experience in North Africa, the UK and Danish sectors of the North Sea and South America. In 2005 he founded, and was Chief Executive Officer of, Ener Petroleum ASA, a Norwegian independent, which was acquired by Dana Petroleum Plc in 2007. Prior to that he founded, and was Chief Executive Officer of, OER Oil AS (“OER”), another Norwegian independent, which was taken over by Endeavour International Corp in 2004.
Prior to joining OER, Per Gunnar was responsible for operated activities, quality management, HSE and government relations in respect of Deminex/RWE-DEA's Norwegian activities. During his career he has also held technical and management positions with companies such as Aker and Thyssen, as well as working as an independent consultant to E&P companies.
During his career Per Gunnar has also served as a Board Member of the Norwegian Petroleum Society (“NPF”), as Chairman of the NPF Professional Council and as a member of the International Association of Oil and Gas Producers Committee on Safety, Health and Personnel Competence. He has also chaired or served as a member of a number of programme committees and other professional bodies.
Current Directorships:
Loge Resources AS
Nordic Petroleum ASA
Past Directorships:
Ener Petroleum ASA
Lundin Petroleum Norway AS
OER Oil AS
Current shareholding in ATI:
Nil
Appointment of Non Executive Director
Erik Costa Jorgensen, 39, is currently the Chief Financial Officer of Amni International Petroleum Development Company Limited (“Amni”), a private company exploring for and producing hydrocarbons in Africa, which, together with its partner Afren Plc, has within the last week achieved first oil at Okoru Setu, offshore Nigeria. He previously worked in Shell’s global M&A team as well as Shell Capital, focusing on debt and equity investments and hybrid structures for growth for oil and gas companies in emerging markets. His final Shell post was managing the Company’s cross border natural gas business in Denmark. In 2005, after thirteen years with Shell, Erik joined Standard Bank Plc as a senior originator and energy finance advisor in their global oil and gas business, later becoming Head of Oil & Gas (Africa; Europe; Asia; Middle East), and as such the main deal manager and the focus for proposed transactions. He left Standard Bank in November 2007 to take up his current role with Amni.
Erik is a Chartered Engineer and FSA-registered Investment Advisor, and holds a Corporate Finance Qualification from the Institute of Chartered Accountants in England & Wales, as well as a BEng from Imperial College and an MSc from Cranfield University.
Current Directorships:
None
Past Directorships:
None
Current shareholding in ATI:
Nil
Following these appointments the directors' total beneficial shareholding remains at 542,000 and their percentage ownership of ordinary shares of the Company is 0.58%.
Composition of Committees
Ian Livingstone is stepping down with immediate effect as both Chairman and a Member of the Audit Committee. Erik Jorgensen will take over the role of Chairman of this committee, whose other member is Derek Musgrove.
Derek Musgrove is stepping down with immediate effect as a Member of the Remuneration and Nomination Committee, to be replaced by Chris Foss. Ian Livingstone remains as Chairman of this committee.
Derek Musgrove, Chairman of ATI, commented on the appointments:
“I am delighted that ATI has managed to secure the services of Per Gunnar Loge and Erik Jorgensen.
I have known both of them for some time and believe the appointment of individuals with their oil and gas calibre is testament to the quality and potential of our substantial asset position, which has been painstakingly built over a number of years alongside the operator, Northern Petroleum. With their added assistance this quality will become increasingly clear as they add their efforts and experience to our progress in creating and realising further value for the Company’s shareholders. These are exciting times.”
Per Gunnar Loge, Chief Executive of ATI, added:
“I feel honoured to be allowed to take on this exciting challenge of bringing a great potential into maturity. I look forward to effecting a major transformation from recognising underground assets to creating commercial production and also realising shareholder value. I feel confident that we will succeed.”
The Directors of the Issuer accept responsibility for this announcement.
-Ends-
Contact Details:
ATI Oil Plc
Derek Musgrove, Chairman
Per Gunnar Loge, Chief Executive
Chris Foss, Finance Director
Tel: 020 7469 2940
St.Helen’s Capital Plc
Barry Hocken/Duncan Vasey
Tel: 020 7628 5582
Hansard Communications
Chris Roberts/Kirsty Corcoran
Tel: 020 7245 1100
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