Saffron Energy PLC Appointment of Chief Executive Officer (5293I)
March 22 2018 - 2:02AM
UK Regulatory
TIDMSRON
RNS Number : 5293I
Saffron Energy PLC
22 March 2018
22 March 2018
Saffron Energy plc
("Saffron" or the "Company")
Appointment of Chief Executive Officer
Saffron, the pan Euro Asian gas explorer to be renamed Coro
Energy plc, is delighted to announce the appointment of James
Menzies as Chief Executive Officer, whose appointment is expected
to take effect from 1 May 2018.
James is a specialist South East Asian explorer who founded
Salamander Energy plc, where he served as CEO for ten years before
selling to Ophir Energy Plc in a transaction that valued the
business at US$850M in 2015. James is a qualified geologist with
over 30 years' oil & gas industry experience.
Sara Edmonson, currently Chief Executive of Saffron, will remain
on the Board assuming the role of Deputy Chief Executive with
effect from James Menzies' appointment. Sara will work closely with
James Menzies as he leads the early phase building of the regional
business with a view to succeeding James in due course.
James Parsons, Chairman of Saffron, commented:
"This appointment is designed to accelerate our development into
a leading South East Asian gas player, providing the Company with
an enviable Executive Team combining James' deep regional knowledge
and network with Sara's financial acumen, charisma and energy. I am
delighted to welcome James to Saffron/Coro."
James Menzies, CEO elect of Saffron, said: "I am very pleased to
be joining the Company at such an exciting time. I look forward to
working with James and Sara and the rest of the team as we identify
the exciting opportunities in South East Asia that are expected to
enable us to build a business of material size and meaningful value
for shareholders. Assuming all resolutions are approved at the
forthcoming General Meeting, and that the transactions relating
thereto complete as anticipated, we will have a strong financial
platform on which to build and high quality people who will be able
to create a pipeline of transactions which will enable the Company
to grow quickly. I look forward to meeting investors at the
forthcoming General Meeting."
Further information on James Menzies
James Graeme Menzies, aged 55, is or has been a director of the
following companies in the last five years:
Current Directorships Previous Directorships
------------------------------- --------------------------------
Trinity Exploration & Salamander Energy plc
Production plc
------------------------------- --------------------------------
Guinness Oil & Gas Exploration Salamander Energy (Holdco)
Trust plc Limited
------------------------------- --------------------------------
Salamander Energy (JS)
Limited
------------------------------- --------------------------------
Salamander Energy (Bengara)
Limited
------------------------------- --------------------------------
Salamander Energy (Vietnam)
Limited
------------------------------- --------------------------------
Salamander Energy Group
Limited
------------------------------- --------------------------------
Salamander Energy (S.E.
Asia) Limited
------------------------------- --------------------------------
Salamander Energy (Bualuang
Holdings) Limited
------------------------------- --------------------------------
Salamander Energy (Philippines)
Limited
------------------------------- --------------------------------
Salamander Energy (Glagah
Kambuna Holdings) Limited
------------------------------- --------------------------------
Ophir Indonesia (Simenggaris)
Limited
------------------------------- --------------------------------
Ophir Energy Indonesia
Limited
------------------------------- --------------------------------
Ophir Indonesia (Kutai)
Limited
------------------------------- --------------------------------
Ophir Thailand (E&P)
Limited
------------------------------- --------------------------------
Ophir (Indonesia South
East Sangatta) Limited
------------------------------- --------------------------------
Ophir Indonesia (Bontang
II) Limited
------------------------------- --------------------------------
Tap Oil Ltd
------------------------------- --------------------------------
James Menzies has today been issued options to subscribe for 25
million new Ordinary Shares at a price of 4.38p share. The options
will vest after 3 years and expire after 5 years. James Menzies
does not hold any shares in the Company.
There is no further information to be disclosed in accordance
with Schedule 2(g) and Rule 17 of the AIM Rules.
For further information please contact:
Saffron Energy plc / Coro
Energy plc s.edmonson@coroenergyplc.com
Sara Edmonson, Chief Executive j.parsons@coroenergyplc.com
Officer
James Parsons, Non-Executive
Chairman
Grant Thornton UK LLP (Financial Tel: +44 (0)20 383
and Nominated Adviser) 5100
Colin Aaronson
Jen Clarke
Harrison J Clarke
Turner Pope Investments (TPI) Tel: +44 (0)20 3621
Ltd (Broker) 4120
Ben Turner info@turnerpope.com
James Pope
This information is provided by RNS
The company news service from the London Stock Exchange
END
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