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ADM Energy plc announces appointment and proposed directorate changes

Published by , Deputy Editor
Oilfield Technology,

ADM Energy plc, an oil and gas investing company quoted on AIM, has announced that His Highness Shaikh Ahmed Bin Dalmook Al Maktoum, has been appointed President of ADM Energy in a non-Board role. Specifically, it is intended by this role that His Highness will help leverage his network and bring new opportunities and contacts to the Company. The Company expects the appointment to be formalised in due course.

The Company further announces that Stefan Olivier has informed the Board of his intention to step down as Chief Executive Officer.  The Company will appoint a new Chairman and, upon appointment of a new Chairman, Richard Carter, current Non-Executive Chairman, will be appointed as Interim Chief Executive Officer.  Stefan Olivier will remain with the Company until the appointment of a new Chairman to oversee an orderly handover.

The Company intends, in due course, to recruit into key executive management positions and appoint further independent non-executive Directors and has retained the services of a headhunting firm in this regard. As noted in the announcement of 15 April 2019, Shaikh Ahmed Bin Dalmook Al Maktoum also has the right to appoint one person to the board of directors, subject to requisite regulatory approval and process.

Shaikh Ahmed Bin Dalmook Al Maktoum, President of ADM Energy, said: “I am delighted to become President of ADM Energy. Since investing in the Company, my conviction has only strengthened regarding the potential value of the opportunity.

"The Company’s strategy is to grow and to create a larger, balanced portfolio of projects in line with its investing strategy. We will aim to leverage our extensive contacts to identify investment opportunities in undervalued production and near-production assets, primarily in Africa. I am confident we can add significant value to ADM Energy for the benefit of all stakeholders.”

Richard Carter, Chairman of ADM Energy and Designate Interim CEO, stated: “We believe ADM Energy has an exciting future. The appointment of His Highness Shaikh Ahmed Bin Dalmook Al Maktoum as President demonstrates His Highness’s personal commitment to this Company. We enter this new chapter focused on capturing what we believe to be a significant opportunity to grow the business and create value for shareholders.  “Also, on behalf of the Board, I would like to thank Stefan for his invaluable contribution and devoted service to the Company. Stefan played a vital role in positioning ADM Energy for future growth and we are pleased he will remain on the Board as long as necessary to ensure a smooth transition to the new management team and Board.”

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