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RNS Number : 4627Q
Diversified Gas & Oil PLC
21 October 2019
21 October 2019
DIVERSIFIED GAS & OIL PLC
("DGO" or the "Company")
Appointment of Independent Non-executive Director and New
Accounting and Legal Advisers
Diversified Gas & Oil PLC (AIM: DGOC), the U.S. based owner
and operator of natural gas, natural gas liquids and oil wells as
well as midstream assets, is pleased to provide the following
updates.
Appointment of Independent Non-executive Director
The Company is pleased to announce the appointment of Sandra
(Sandy) Stash as an additional independent non-executive Director,
effective immediately.
Sandy has over 35 years' experience in the oil and gas and
mining industries and has vast, global leadership experience in
operations and engineering, risk and crisis management, external
affairs and communications, sustainability, health and safety and
litigation. Internationally, Sandy spent many years advising
businesses on natural resource, social and sustainability issues
with audiences including general stakeholders, local and national
media, and local, regional and national governments.
A petroleum engineering graduate of the prestigious Colorado
School of Mines, Sandy spent her early career as one of the first
women to work as a drilling engineer and well site supervisor at
ARCO locations across North America. Sandy's subsequent work in
managing discontinued businesses for ARCO and then BP, broadened
her experience to include all financial, operational, legal,
strategic planning and government and media affairs. After a career
with ARCO, Anaconda, TNK-BP, BP, and Talisman Energy, Sandy joined
Tullow Oil in October 2013 serving as Executive Vice
President-Safety, Operations and Engineering, and External Affairs
until moving into her present role as Executive Vice President and
Executive Advisor in July 2019.
She has also served on several Boards of Directors including the
Federal Reserve Bank of Minneapolis, the International Women's
Forum (IWF), the Colorado School of Mines and, as Chairman, on the
Montana Tech Foundation Board of Directors.
Sandy's appointment increases the size of DGO's Board to seven,
four of whom are considered to be independent by the Board under
the QCA Corporate Governance Code.
Commenting on the appointment, David Johnson, Chairman,
said:
"We are delighted to welcome Sandy to the Board of DGO. She
brings a significant amount of industry and strategic experience
that will prove to be invaluable to the Company. Sandy's insight,
knowledge and skills complement the Board and will enhance the
Company's governance structure and practices as it prepares for its
intended move to the Premium segment of the Main Market of the
London Stock Exchange.
Additionally, the Company continues to evaluate additional
opportunities to bring further expertise and diversity to the Board
that will strengthen its governance structure and ensure the
continued successful implementation of our strategy for the benefit
of our shareholders, employees and other stakeholders."
Sandra Mary Stash, aged 60, has held the following directorships
and/or partnerships in the past five years:
Current Directorships/Partnerships Previous Directorships/Partnerships
Board of Governors at Colorado School Institute for Sustainable
of Mines Communities
EDF Energy Thermal Generation Limited Montana Tech Foundation
International Women's Forum
OJSC Orsknefteorgsin
The Pointe at Georgetown LLC
Sandy does not hold any ordinary shares in the Company. There
are no further disclosures required to be made pursuant to Schedule
2 paragraph (g) of the AIM Rules.
Appointment of New Accounting & Auditing Firm
Further to its announcement made on 12 September 2019, the
Company is pleased to announce that its Board has approved the
proposed appointment of PricewaterhouseCoopers, LLP ("PwC") as its
new registered public accounting firm.
Headquartered in London with offices in 157 countries, PwC
provides audit and assurance, tax and consulting professional
services across its global network. Subject to approval by the
Company's shareholders at the next Annual General Meeting, PwC will
serve as DGO's financial auditor beginning with the Company's
financial statements for the fiscal year ending 31 December 2020.
Crowe U.K. LLP ("Crowe") will continue to serve as auditor of the
Company's financial statements for the fiscal year ending 31
December 2019.
Appointment of New Lead Legal Counsel
Further enhancing the Company's team of advisers, DGO is pleased
to announce the appointment of Latham & Watkins LLP ("Latham")
as its new lead legal counsel in the United Kingdom, replacing
Wedlake Bell LLP ("Wedlake Bell"). Latham has a global legal
presence that spans 14 countries and includes a staff of more than
2,700 experienced lawyers. The firm's significant presence in both
the United Kingdom, where the Company is publicly quoted, and the
United States, where the Company operates, positions it to provide
fully integrated and efficient legal work.
Commenting on the appointments of PwC and Latham, CEO, Rusty
Huston, Jr., said:
"We are grateful for the highly-qualified and diligent
professional services that both Crowe and Wedlake Bell provided us
during their respective periods of engagement, including milestones
such as our February 2017 IPO and subsequent significant
acquisitive growth. Emerging as a larger and more complex
organisation, we recognised the need to align these services with
the demands of being a Premium Listed, Main Market company, and to
that end, we are pleased to appoint firms like PwC and Latham &
Watkins. The transition is a natural and important step in
demonstrating to current and future investors, employees and
stakeholders DGO's ongoing commitment to the highest quality,
comprehensive accounting and legal compliance."
Enquiries:
Diversified Gas & Oil PLC
Rusty Hutson Jr., Chief Executive Officer
Brad Gray, Chief Operating Officer & Finance Director
Eric Williams, Chief Financial Officer
Teresa Odom, Vice President, Investor Relations
www.dgoc.com
ir@dgoc.com + 1 (205) 408 0909
Cenkos Securities plc
(Nominated Adviser)
Russell Cook
Katy Birkin
Ben Jeynes +44 (0)20 7397 8900
Mirabaud Securities Limited
(Joint Broker)
Peter Krens
Edward Haig-Thomas +44 (0)20 3167 7221
Stifel Nicolaus Europe Limited
(Joint Broker)
Callum Stewart
Nicholas Rhodes
Ashton Clanfield +44 (0)20 7710 7600
Buchanan
(Financial Public Relations)
Ben Romney
Chris Judd
James Husband
dgo@buchanan.uk.com +44 (0)20 7466 5000
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END
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