Business
Operational Update
Operational Update.
About this update from Afentra Plc
[{"type":"text","content":"\n Sterling Energy PLC\n04 February 2008\n\n\n\n\n04 February 2008\n\n STERLING ENERGY PLC\n\n ('Sterling' or the 'Company')\n\n\n BOARD CHANGES\n\n\n OPERATIONAL UPDATE\n\n\nSterling (symbol: SEY), an AIM listed independent oil & gas exploration and\nproduction company with interests in the Gulf of Mexico, Africa and the Middle\nEast, today announces changes to strengthen its Board and provides an update on\n2007 production and drilling and on its 2008 programme. It anticipates\nannouncing its preliminary results in late April.\n\n\nBoard Changes\n\n\nThe Board has been considering how best to enhance the performance of the\nCompany's asset base, to carry out its growth strategy and to maximize value for\nits stakeholders. As a result it has agreed that, with immediate effect:\n\n\n• Harry Wilson, currently Chief Executive Officer ('CEO'), will become\n Executive Deputy Chairman and will focus primarily on business development\n opportunities which will assist Sterling to implement its growth strategy \n more effectively. A founder of Sterling, he has been its CEO since its \n listing on AIM over 5 years ago.\n\n\n• Graeme Thomson, currently Finance Director, Company Secretary and\n responsible for Sterling's USA business, will become CEO. Also a founder of\n Sterling, he has been an Executive Director for over 5 years and has worked\n in a variety of roles in the oil industry for over 25 years.\n\n\n• Jonathan Cooper will become Finance Director and Company Secretary. For the\n last 2 years he has been finance director at Gulf Keystone Petroleum and\n previously spent 9 years at Dresdner Kleinwort Wasserstein, where he worked\n as a Director in the Oil & Gas Corporate Finance Team.\n\n\nSterling also announces that Paul Griggs, its Commercial Director, will be\nleaving the Company and stepping down as a Director on or around 30 April 2008.\nPaul has played an important part in the development of Sterling over the last 3\nyears including the successful completion of the US $145 million Whittier\ntransaction and signing of a Production Sharing Contract in Kurdistan in 2007.\nHe feels it is a good time to move on to new challenges and the Company wishes\nhim every success in the future.\n\n\nDr Richard Stabbins, Chairman, said:\n\n\n'These changes will enable Sterling to focus on working its asset base more\neffecti...