As part of the ongoing review of its cost base, Longboat Energy, an emerging full-cycle E&P company currently active in Norway and Malaysia, announces the following changes to its board and management team, as detailed in its Notice of Annual General Meeting (“AGM”) posted to shareholders today.
The net result of the changes will reduce the Company’s board to four members (from seven at the end of April) and is one of the cost reduction actions resulting from the Company’s ongoing review.
Existing Board
As previously announced, Brent Cheshire and Jorunn Saetre will be retiring at the AGM. Additionally, Katherine Roe has notified the board of her intention to step down at the AGM to focus on new executive opportunities, following the recent acquisition of Wentworth Resources plc, where she was CEO .
In addition, Jonathan Cooper, currently Chief Financial Officer, has agreed to leave the Company on 30 August 2024 after a short transition period. Therefore, he will be step down from the board at the AGM and will not be putting himself forward for re-appointment.
Jon, one of the original founders of Longboat, has been instrumental in helping successfully build and manage the Longboat business over multiple jurisdictions with boundless energy and enthusiasm. It is intended that the finance function will be managed among the remaining members of the team with some additional part-time support.
All four of the individuals have served on the Company’s board of directors since inception in late 2019 and have provided invaluable support and advice during this period.
Proposed Board
A resolution will be proposed at the AGM for James Menzies to be appointed to the Board of Directors as Executive Chairman. James has been working for Longboat since late 2023 in a senior role focused on building the Company’s South East Asian presence where he has extensive experience having founded and built Salamander Energy plc into a FTSE 250 company before its sale to Ophir Energy plc in 2015. Previously, James was the Senior Partner at Lambert Energy Advisory and has also held executive roles at Asian-focused Coro Energy and TAP Oil. James has an MSc in Geophysics and Planetary Physics from University of Newcastle, BSc (Hons) in Geology from London University and currently sits as a non-executive director on the board of Trinity Exploration & Production plc.
A second resolution will be proposed at the AGM for Geraldine Murphy to be appointed to the Board of Directors as an independent non-executive director. Geraldine brings a wealth of financial and transactional experience with over 35 years of energy investment banking and M&A advisory roles. Geraldine currently serves as a Senior Adviser at TPH&Co., the energy business of Perella Weinberg Partners where she was a partner and head of TPH International since 2017. She has worked in the energy departments of Standard Chartered Bank, CIBC World Markets and Harrison Lovegrove amongst others. Geraldine holds a BSc. (Hons) degree in Geology and a MSc. in Petroleum Geology from University College Dublin. Geraldine was previously a non-executive director on the board of privately-held Impact Oil & Gas, a partner in the giant Venus discovery offshore Namibia.
Graham Stewart has agreed to step down from his role as Non-Executive Chairman but will remain on the board as a Non-Executive Director providing important continuity and support to the new directors.
Subject to the outcome of the AGM to be held on 27 June 2024, the new composition of the Longboat Energy plc board will be as follows:
· Chief Executive: Nick Ingrassia
· Executive Chairman: James Menzies
· Non-executive Director: Graham Stewart
· Independent Non-executive Director: Geraldine Murphy
It is anticipated that Geraldine Murphy will chair the Audit Committee and Graham Stewart will chair the Remuneration Committee going forward.
Nick Ingrassia, CEO of Longboat, commented:
“I would like to express a huge debt of gratitude to Brent, Jorunn, Katherine and Jon who have all served Longboat tirelessly since its inception in 2019. Their contributions during the past five years have helped the business navigate its initial listing, the challenges of COVID, successful launch of a Norwegian business, creation of a joint venture with JAPEX and new country entry into Malaysia.
“They should all be proud of their significant contributions to the business through these challenging times and I am grateful they have been so understanding of Longboat’s need to streamline the business and cut costs. On a personal level, I will miss working with them as colleagues and wish them all success in their future endeavours.”
ENDS
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