- APPOINTMENT OF PAT PLUNKETT AS NON-EXECUTIVE CHAIRMAN
- RETIREMENT OF PHIL NOLAN AS NON-EXECUTIVE DIRECTOR
Dublin and London - September 27, 2016 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, today announces the appointment of Pat Plunkett as non-executive Chairman with effect from October 1, 2016. Pat Plunkett will replace James McCarthy, (non-executive Chairman of Providence from May 26, 2015 to October 1, 2016), who will step down as non-executive Chairman but has agreed to stay on as a non-executive Director. The Company also announces that Phil Nolan has announced his intention to retire from the board with effect from October 1, 2016 due to other business commitments. Phil Nolan has served as a non-executive Director of the Company since 2004.
Pat Plunkett was non-executive chairman of Tullow Oil Plc from 2000 to 2011 during which time Tullow grew from a small cap Oil & Gas plc to become Africa's leading independent oil company and a constituent of the UK's FTSE100. He is currently executive chairman of T5 Oil and Gas Ltd, a private company he founded in 2013 and which is focused on acquiring oil and gas assets in Africa and the Middle East. Pat has over 30 years' experience in the financial services sector. He was a founding partner of the Riada & Co stockbroking and corporate finance businesses and following their acquisition by ABN AMRO NV, he continued to manage these businesses until 1998. He is a former director of the Irish Stock Exchange.
Mr. Tony O'Reilly, Chief Executive of Providence Resources said:
"On behalf of the whole team at Providence, I'd like to extend our sincere thanks to James who has helped guide the Company through a very difficult period from late 2015 through mid-2016, which culminated in the very successful re-capitalisation of the business in July 2016. The Board is pleased that James has agreed to remain as a non-executive Director and that we will have continued access to his valuable counsel. I'd also like to express our great appreciation to Phil Nolan for the significant contribution he has made to the Board during his tenure.
"The Board is delighted that Pat has agreed to join us at a very exciting stage of our corporate development. Pat requires no introduction in the E&P sector and we very much look forward to benefitting from the extensive knowledge and experience that Pat will offer as we move forward with our very exciting programme offshore Ireland."
Information required by Schedule 2, paragraph (g) of the AIM Rules for Companies
Mr. Patrick Joseph Plunkett, aged 65, holds or has held the following directorships and/or partnerships in the previous five years:
|Company||Incorporated||Reg. No||Date Appointed||Date Retired|
|T5 Oil & Gas Ltd1||UK||08601352||23/07/13|
|T5 Oil & Gas UK Ltd1||UK||08549689||28/07/13|
|New Horizon Oil & Gas Ireland Ltd1||IRL||538680||24/02/15|
|Blackstairs Energy Senegal Ltd1||IRL||479915||19/02/14|
|Green Earth Landscapes Ltd||IRL||495920||09/03/11|
|Kitman Nominees Ltd||IRL||545622||19/12/14|
|Tullow Oil Plc||UK||03919249||03/05/00||31/12/11|
|Note: 1 These companies are part of the T5 Oil & Gas Group|
Mr. Plunkett currently does not hold any ordinary shares in Providence Resources.
No additional information relating to Mr. Plunkett is required to be disclosed under Rule 17 or Schedule 2 paragraph (g) of the AIM Rules for Companies.
|Providence Resources P.l.c.||Tel: +353 1 219 4074|
|Tony O'Reilly, Chief Executive Officer|
|Cenkos Securities plc||Tel: +44 131 220 9771|
|Neil McDonald/Derrick Lee|
|J&E Davy||Tel: +353 1 679 6363|
|Powerscourt||Tel: +44 207 250 1446|
|Lisa Kavanagh/Peter Ogden|
|Murray Consultants||Tel: +353 1 498 0300|
ABOUT PROVIDENCE RESOURCES
Providence Resources is an Irish based Oil and Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland. Providence's shares are quoted on AIM in London and the ESM in Dublin.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Providence Resources plc via Globenewswire