LGO Energy PLC (AIM:LGO) jumps 40% on appointment of new CEO and name change

 

Leo Koot, LGO’s new Executive Chairman

Share Talk will be interviewing Leo Koot early next week in London and if share holders would like to ask any questions, please forward using the enquirers button on the site.

Last Thursday (11 May) RNS update announced Neil Ritson was to step down as Chairman and Chief Executive Officer Leo Koot appointed as Executive Chairman, with a proposed change of Company name to Columbus Energy Resources PLC 

The Trinidad-based oil & gas firm LGO Energy PLC news of a relaunch, with a new chief executive appointment and a name change helped push the SP north last week.

 

Lgo Energy Share Charts (LGO) 

Neil Ritson departs LGO after 7 years as the Company’s Chief Executive and after guiding LGO through the execution of a strategically transitional year in 2016. Following the successful completion of the Company restructuring, the reduction of costs, and strengthening of its balance sheet, Neil leaves LGO in a position from which it can enter a new era.

Leo Koot’s appointment is a significant moment for LGO. Leo is a Dutch national, currently residing in the UK, with over 28 years of industry experience and he brings both financial and technical expertise to the Company. During his extensive career, he has run oil and energy businesses as well as been an active board member, most recently with AIM listed Sterling Energy PLC as Senior Independent Non-Executive Director.

Leo’s global energy experience includes his role as Managing Partner of MENA Gulf Investment Partners (Abu Dhabi), President of Abu Dhabi National Energy Company (TAQA) and Managing Director of TAQA UK where he built the organisation from a few people to an organisation of over 2,000 staff and contractors and delivered a mature E&P operating company that managed 60,000 barrels/day production with US$1.7 billion in annual revenues.

Prior to TAQA, Leo was CEO of Energy Development Partners an oil and gas business creating ways to match capital and resources with developing production, for which he helped raise a US$350 million private equity fund. Leo has a Master in Petroleum Engineering and a business degree from Harvard Business School.

Neil Ritson, outgoing Chairman and CEO, commented:

“After a difficult couple of years in which the Board and I have restored the balance sheet the Company is now able to chart a new course and that requires new leadership. I would like to thank the senior management and Board for their support and personally wish Leo all the very best in his new role.”  

Leo Koot, LGO’s Executive Chairman, commented:

“I am excited about the inherent value that I see in this business and look forward to implementing a strategy to unlock that value. The Company’s current asset portfolio is strong, we are growing our production and generating cash. We are seeing ever more investment flowing back in to the sector. These are excellent fundamentals from which to grow the business and I look forward to sharing my vision in more detail at the Investor Strategy Briefing later today.

I would like to thank Neil for his dedication and commitment to the role over the years and on behalf of the Board wish him all the best with his next endeavours.”

At the request of the Board Neil Ritson will remain available as a Senior Advisor to the LGO Board for a period of at least 12 months.

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