TIDMTGL
RNS Number : 6140L
TransGlobe Energy Corporation
28 December 2018
This Announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon
the publication of this Announcement, this inside information is
now considered to be in the public domain.
TRANSGLOBE ENERGY CORPORATION ANNOUNCES
CHANGES TO THE EXECUTIVE MANAGEMENT TEAM
AND BOARD OF DIRECTORS
AIM & TSX: "TGL" & NASDAQ: "TGA"
Calgary, Alberta, December 28, 2018 - TransGlobe Energy
Corporation ("TransGlobe" or the "Company") announces an update on
the Company's Executive succession and Board of Directors
transition plan.
EXECUTIVE MANAGEMENT SUCCESSION
As previously disclosed (September 14, 2018), Ross Clarkson will
retire as the Company's Chief Executive Officer ("CEO") effective
December 31, 2018. Randall (Randy) Neely, TransGlobe's current
President, will assume the role of President and CEO. Mr. Clarkson
will remain with the Company as a Non-Executive Director. Both Mr.
Clarkson and Mr. Neely intend to stand for re-election to the Board
of Directors at the 2019 AGM.
With the transition of Executive leadership to Randy Neely at
year end, the Company acknowledges the tremendous contribution made
by Ross over the past twenty plus years as a founder and builder of
TransGlobe.
Mr. Rob Jennings, Non-Executive Chairman of TransGlobe Energy
commented:
"Ross built a team of professionals and together executed a
strategy that saw the Company grow from a small Canadian base to a
focused international petroleum company.
On behalf of the Board, Management and the shareholders, the
Company wishes Ross well in his much deserved retirement from
executive duties."
CHANGES TO THE BOARD OF DIRECTORS
Appointment of Dr. Carol Bell
The Company is pleased to announce the appointment Dr. Carol
Bell of London, England as an Independent Non-Executive Director
effective January 1, 2019.
Dr. Bell (age 60) is an independent businesswoman and corporate
director with over 35 years of experience in the natural resources
sector. Dr. Bell has experience as a director on companies listed
in Canada, Norway and the UK, bringing a wealth of capital markets
and energy board experience to her role at TransGlobe.
Dr. Bell's successful career includes her position as Managing
Director of Chase Manhattan Bank's Global Oil & Gas Group, Head
of European Equity Research at JP Morgan and several years as an
equity research analyst in the oil and gas sector at Credit Suisse
First Boston and UBS Phillips & Drew. Dr. Bell began her career
in corporate planning and business development at Charterhouse
Petroleum plc and RTZ Oil and Gas.
Dr. Bell holds a MA Natural Sciences from Cambridge University;
a BA, Earth Sciences from Open University; and a PhD, Archaeology
of Trade from University College London.
Dr. Bell currently holds or has held the following directorships
or partnerships over the last five years:
Current Directorships - Public Past Directorships - Public Entities
Entities
Blackrock Commodities Investment Caracal Energy Inc
Trust plc
-------------------------------------
Blackrock Securities Income Company Salamander Energy plc
Limited
-------------------------------------
Bonheur ASA Petroleum Geo-Services ASA
-------------------------------------
Ophir Energy plc
-------------------------------------
Tharisa plc
-------------------------------------
Current Directorships- Private Past Directorships - Private
and Not-for-Profit and Not-for-Profit
British School at Athens S4C2 Cyf
-----------------------------
Development Bank of Wales S4C Digital Media Ltd
-----------------------------
Hafren Scientific Ltd S4C Rhyngwladol Cyf
-----------------------------
National Museum Wales S4C Masnachol Cyf
-----------------------------
Polisi Cymru - Policy Wales
-----------------------------
The Renewable Energy Foundation
-----------------------------
Wales in London Limited
-----------------------------
Wales Millenium Centre
-----------------------------
Dr. Bell was the Non-Executive Chairman of Barcud Derwen Ltd, a
private television facilities house based in Wales and Scotland
between July 2009 and June 2010. The company was put into
administration by its directors in June of 2010 and the majority of
its assets were sold at which time Dr. Bell's involvement with the
company ceased.
Save as disclosed above, there are no further disclosures
required to be made in respect of the appointment under Schedule
2(g) or Rule 17 of the AIM Rules for Companies.
Retiring Director, Mr. Fred Dyment
As part of the Company's Board of Directors transition plan, Mr.
Fred Dyment has chosen to retire from the Board effective January
1, 2019. Mr. Dyment is a long serving director who joined
TransGlobe on February 10, 2004. During his time with TransGlobe,
Mr. Dyment chaired the Audit Committee until May of 2018. Mr.
Dyment has been a key member of the Board and, along with senior
management, helped steward the Company through a number of
challenging times such as the financial crisis of 2009, Arab Spring
and world oil price volatility. The Board and Company wish to thank
Mr. Dyment for his valuable contributions and wish him much health
and happiness in the future.
Mr. Rob Jennings commented:
"The entire Board, Management and Employees will miss Fred. He
has been a strong, positive contributor to the Company in so many
ways over a period which saw the Company actively expand in various
jurisdictions. We will miss him and extend our sincere gratitude
and very best wishes for years to come.
We are extremely pleased to welcome Dr. Bell to the Board as she
brings a wealth of experience across finance, capital markets and
M&A, the oil and gas sector and international exploration and
development. Dr. Bell joins TransGlobe at an opportune time as the
Company continues to execute on its strategy of building a
diversified, profitable and cash flow focused international
portfolio."
About TransGlobe
TransGlobe Energy Corporation is a cash flow focused oil and gas
exploration and development company whose current activities are
concentrated in the Arab Republic of Egypt and Canada. TransGlobe's
common shares trade on the Toronto Stock Exchange and the AIM
market of the London Stock Exchange under the symbol TGL and on the
NASDAQ Exchange under the symbol TGA.
For further information, please
contact:
Investor Relations Via FTI Consulting
Telephone: 403.264.9888
Email: investor.relations@trans-globe.com
Web site: http://www.trans-globe.com
TransGlobe Energy www.trans-globe.com
Ross Clarkson, Chief Executive Officer
Randy Neely, President
Eddie Ok, Chief Financial Officer
Canaccord Genuity (Nomad & Joint
Broker) +44 (0) 20 7523 8000
Henry Fitzgerald-O'Connor
James Asensio
GMP First Energy (Joint Broker) +44(0)207 448 0200
Jonathan Wright
FTI Consulting (Financial PR) +44 (0) 203 727 1000
Ben Brewerton
Genevieve Ryan transglobeenergy@fticonsulting.com
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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