Business
Appointment of Chief Executive Officer
Appointment of Chief Executive Officer.
About this update from Genel Energy Plc
[{"type":"text","content":"\n \nGenel Energy PLC (GENL)Genel Energy PLC: Appointment of Chief Executive Officer08-Apr-2019 / 07:00 GMT/BSTDissemination of a Regulatory Announcement, transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n8 April 2019\n\n \n\nGenel Energy plc\n\n \n\nAppointment of Chief Executive Officer\n\n \n\nGenel Energy plc ('Genel' or 'the Company') is pleased to announce the appointment of Dr. Bill Higgs as Chief Executive Officer, and as a member of the Board of Directors, with immediate effect. Esa Ikaheimonen, Chief Financial Officer, has also been appointed to the Board.\n\n \n\nDr. Higgs joined Genel as Chief Operating Officer in October 2017, and has since led on the delivery and expansion of our Kurdistan Region of Iraq oil business. Having 30 years of global exploration, development and operations experience, Bill is a qualified geologist with extensive expertise in all engineering and other technical and commercial aspects of hydrocarbon development and production. As well as being an Executive Director and Chief Operating Officer for Ophir Energy plc and Chief Executive Officer of Mediterranean Oil and Gas, he previously spent 23 years at Chevron across a number of global roles.\n\n \n\nMurat Özgül will not stand for re-election at the Annual General Meeting, and has stepped down from the Board with immediate effect. Murat has taken up a transitional role as Special Adviser to the Board. He will remain with the Company until early 2020 to support key strategic initiatives, notably the progression of plans for the development of the Bina Bawi licence, where negotiations with the Kurdistan Regional Government ('KRG') are continuing.\n\n \n\nMr. Özgül became CEO of Genel in July 2015, at a challenging time in both the oil industry as a whole and in the regional political situation. The Company had net debt of c.$220 million and was owed a net trade receivable with the KRG of c.$378 million. Regular payments for oil exports began shortly thereafter, and the Receivable Settlement Agreement ('RSA') was signed in August 2017. The RSA and continuing monthly payments have transformed the Company and its financial position. As at 28 February 2019, Genel had a net cash position of $81 million.\n\n \n\nMurat Özgül, Special Adviser to the Board:...