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Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas
19 April 2023
Prospex Energy PLC
('Prospex' or the 'Company')
Board Appointment
Prospex Energy PLC (AIM: PXEN), the AIM quoted investment company focused on European gas and power projects, is pleased to announce the appointment of Andrew Hay as an independent Non-Executive Director of the Company with immediate effect.
Mr Hay, a graduate of Oxford University, has more than 30 years of experience as a banker in London and New York. He is currently a Senior Adviser at Smith Square Partners, a leading London corporate finance firm. Formerly he was Chairman of LGB Corporate Finance and before that built and led the corporate finance business of Edmond de Rothschild in London. He has in depth experience in corporate banking, the debt and equity capital markets and international M&A.
Previously, Mr Hay held senior positions at ING Barings and Schroders, including two years in New York. He led the North American corporate finance and capital markets origination activity of Barings until 1997.
Until May 2017, Mr Hay was a Non-Executive Director of Aminex plc (senior independent director, audit and remuneration committees), a London and Dublin stock exchange listed oil and gas development and production company focused on East Africa and was a Non-Executive Director of Independent Oil & Gas PLC (senior independent director, chair of audit committee), the AIM quoted company with development interests in the North Sea, until February 2018.
Currently Mr Hay is a Non-Executive Director of the holding company of Lloyd George Advisory, a specialist India and Asia focused emerging market fund management business. Since 2020, Mr Hay has been the senior Non-Executive Director and chair of audit committee at Great Western Mining Corporation PLC, the AIM quoted mineral exploration and development company with licences and operations in Nevada.
Bill Smith, the Chairman of Prospex, commented:
"We are very pleased to welcome Andrew Hay to the Board of Prospex. As the Company expands and grows our assets in Italy and Spain and as new opportunities are being reviewed, Andrew's experience and deep understanding of the upstream energy sector and capital markets will add great value to Prospex. We are very much looking forward to working alongside Andrew."
Further information on Mr Andrew Hay's appointment
The following details in relation to the appointment of Mr Hay are disclosed in accordance with paragraph (g) of Schedule Two of the AIM Rules for Companies.
Mr Andrew Nicholas John Hay (aged 71) has held the following directorships and/or partnerships in the past five years.
Current Directorships | Past Directorships (last five years) |
Great Western Mining Corporation Plc (Ireland) | |
Lloyd George Advisory (Cayman) Limited | |
Lloyd George Indian Ocean Fund | |
Lloyd George Indian Ocean US Fund | |
Lloyd George Indian Ocean Master Fund | |
Andrew Hay Advisory Limited | |
Ragley Trust Company Limited | |
Seymour Trust Company Limited | |
Tollemache Farms Limited | |
Other than the information contained within this announcement, there is no further information required to be disclosed pursuant to paragraph (g) of Schedule Two of the AIM Rules for Companies.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
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For further information visit www.prospex.energy or contact the following:
Mark Routh | Prospex Energy PLC | Tel: +44 (0) 20 7236 1177 |
Ritchie Balmer | Strand Hanson Limited | Tel20 7409 3494 |
Andrew Monk (Corporate Broking) | VSA Capital Limited | Tel: +44 (0) 20 3005 5000 |
Colin Rowbury | Novum Securities Limited | Tel: +44 (0) 20 7399 9427 |
Susie Geliher | St Brides Partners Limited
| Tel: +44 (0) 20 7236 1177 |
Notes
Prospex Energy PLC is an AIM quoted investment company focussed on high impact onshore and shallow offshore European opportunities with short timelines to production. The Company's strategy is to acquire undervalued projects with multiple, tangible value trigger points that can be realised within 12 months of acquisition and then applying low-cost re-evaluation techniques to identify and de-risk prospects. The Company will rapidly scale up gas production in the short term to generate internal revenues that can then be deployed to develop the asset base and increase production further.
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