Business
Appointment of CFO and Service Agreement Amendment
Appointment of CFO and Service Agreement Amendment.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8111R Savannah Petroleum PLC 05 March 2019 \n\n5 March 2019\n \nSavannah Petroleum PLC\n(\"Savannah\" or \"the Company\")\n \nAppointment of Chief Financial Officer and Service Agreement Amendment\nSavannah Petroleum PLC, the British independent oil & gas company focused around activities in Niger and Nigeria, is pleased to announce the appointment of Isatou Semega-Janneh as Chief Financial Officer (\"CFO\") with immediate effect. Isatou has acted as interim CFO for the Company since 21 December 2017, when she was appointed to Savannah's Board of Directors, and also acts as Savannah's Company Secretary.\nIsatou is an accountant with over 17 years' experience who has led Savannah's finance function since joining the Company in January 2015 as VP Finance. Prior to joining Savannah, she spent 9 years with BP in a variety of roles, most recently as Financial Controller for BP's operations in North Africa (Algeria, Libya and Morocco). Isatou has extensive experience of managing large, multi-country finance teams and of implementing and managing financial and regulatory compliance systems in emerging market oil and gas environments.\nService Agreement Amendment\nSavannah also announces that the service agreement put in place between the Company and Andrew Knott at the time of the Company's AIM IPO in August 2014, which provided for a 12-month notice period and an initial fixed term of two years, has been further amended by the Remuneration Committee so that the 12 month notice period cannot expire any earlier than 28 February 2021 (the \"Service Agreement Amendment\"). All other material terms of the service agreement remain the same.\n \nThe Service Agreement Amendment is deemed to be a related party transaction under the AIM Rules for Companies. The Directors, other than Andrew Knott, consider, having consulted with Strand Hanson Limited, the Company's Nominated Adviser, that the terms of the Service Agreement Amendment are fair and reasonable insofar as the Company's shareholders are concerned.\n \nSteve Jenkins, Chairman of Savannah Petroleum plc, commented:\n \n\"I am delighted to announce Isatou's appointment to Chief Financial Officer of the Company at this exciting time in Savannah's development. I am confident that she will continue to be a highly valuable member of the Com...