SOCO International plc (“SOCO” or the “Company”)
Non-Executive Director & Corporate Personnel Changes
The Company announces that with immediate effect Dr Mike Watts will be stepping down from the Board of Directors. Rob Gray, currently Senior Independent on SOCO’s Board of Directors, will assume the chair of the Audit and Risk Committee.
Corporate governance remains a priority and the Company is continuing its programme of Board refreshment. We will continue to review the balance and effectiveness of the Board with a view to adding independent non-executives commensurate with our size and need.
On Monday 6 February 2017, Dr Watts and Jann Brown will be joining the Company to co-head the Company’s newly formed Business Development group. Both Mike and Jann were Executive Directors at Cairn Energy during its rapid growth to become a FTSE 100 company. They left Cairn in 2014 to form a private equity backed start up.
The Company remains committed to its peer-differentiating strategy, focused on capital discipline and shareholder returns. However, this change signals a renewed emphasis on growth to complement our high quality producing assets in Vietnam and pre-development assets in West Africa.
DR MIKE WATTS has served as an independent non-executive on the SOCO Board of Directors since August of 2009. He has served as Chairman of the Audit and Risk Committee since 2014.
He has over 36 years’ experience in the oil and gas industry. He was formerly the Deputy Chief Executive of Cairn Energy PLC and the Chief Executive Officer and Managing Director of the Amsterdam listed Holland Sea Search, which was acquired by Cairn Energy PLC in 1995, and has held senior technical and management roles with Premier, Burmah and Shell. Mike was most currently Joint Chief Executive Officer and co-founder of Magna Energy Ltd.
MS JANN BROWN was co-founder with Dr Watts of Magna Energy Ltd where she served as Joint Chief Executive Officer and Chief Financial Officer. She currently serves as the Senior Independent Director and Chair of the Audit Committee of the John Wood Group and as Chair of the Audit Committee of Troy Income and Growth Trust. She has formerly served as Managing Director, Chief Financial Officer and an Executive Director of Cairn Energy PLC, Non-executive director of Cairn India Limited and as the Senior Independent Director of Hansen Transmissions International.
She is a past president of the Institute of Chartered Accountants of Scotland.
Ed Story, President and Chief Executive Officer, commented:
“I’m delighted to once again be working with Mike and Jann who were big contributors to Cairn’s meteoric rise when I was a non-executive with that company. Not only do they bring unique skill sets to SOCO, they have a vast knowledge of our industry and are well known throughout the sector. “
SOCO International plc
Roger Cagle, Deputy Chief Executive and Chief Financial Officer
Antony Maris, Chief Operating Officer
Tel: 020 7747 2000
Tel: 020 3772 2500
NOTES TO EDITORS
SOCO is an international oil and gas exploration and production company, headquartered in London and traded on the London Stock Exchange. The Company has field development and production interests in Vietnam and exploration and appraisal interests in the Republic of Congo (Brazzaville) and Angola.
SOCO holds a 30.5% working interest in the Te Giac Trang Field of Block 16-1, which is operated by the Hoang Long Joint Operating Company. Block 16-1 is located in the shallow water Cuu Long Basin, offshore southern Vietnam.
SOCO holds a 25% working interest in the Ca Ngu Vang field of Block 9-2, which is operated by the Hoan Vu Joint Operating Company. Block 9-2 is located in the shallow water Cuu Long Basin, offshore southern Vietnam.
SOCO holds a 40.39% interest in and is designated operator of the Marine XI Block, located in the shallow water Lower Congo Basin, offshore the Republic of Congo (Brazzaville).
SOCO holds a 17% interests in the Production Sharing Agreement for the Cabinda North Block onshore the Angolan enclave of Cabinda.