ENQUEST PLC, 8 September 2016. Chairmanship: Retirement of Dr James Buckee and appointment of Mr Jock Lennox EnQuest PLC (‘EnQuest’ or ‘the Company’) announces that after over six years in the role, Dr James (‘Jim’) Buckee (70) is retiring as Chairman of the Company, with effect on the publication of EnQuest’s half year results today, 8 September 2016. The Board would like to thank Jim Buckee for his important contribution to the Company since its inception. During his tenure, EnQuest has grown reserves and production of 80.5 MMboe and 13,613 Boepd respectively at the start, to reserves of 216 MMboe at the beginning of 2016 and to production of 42,520 Boepd in the first half of this year. EnQuest is pleased to announce that Mr John (‘Jock’) Lennox, currently an EnQuest Non-Executive Director, will, also with immediate effect, become Chairman of the EnQuest Board. Jim Buckee said: "Despite the challenges of the oil price environment in recent years, EnQuest started 2016 with a net 2P reserve base of 216 MMboe, an excellent net 167% increase since EnQuest’s formation just over six years ago, equating to 18% growth per annum, with the substantial established potential reserves life of 18 years. I am delighted that Jock Lennox will succeed me as Chairman of the Company. It is good news that as EnQuest progresses through the challenges and opportunities the current climate is presenting to the industry, that it will be chaired by a businessman with Jock’s breadth and depth of experience, both in the UK and internationally." Jock Lennox said: "EnQuest has a very strong team of people and an asset base which has material growth potential. Operationally EnQuest has been working hard and is performing well in addressing the challenges of the prevailing level of oil prices. It has the high efficiency and low cost capabilities required to cope with these macro conditions and even modest increases in oil prices would have a significant positive impact on future cash flows and growth. Currently, EnQuest’s priority continues to be to to deliver a business and a balance sheet which are robust in this environment and I am very pleased to be becoming Chairman at this important time in the Company’s development." Also with immediate effect, Jock Lennox replaces Jim Buckee as Chairman of the Nomination Committee and Jock Lennox stands down as Chairman of the Audit Committee and as a member of the Risk Committee; Jock Lennox continues as a member of the Audit Committee. EnQuest Non-Executive Director Dr Philip Nolan takes over as Chairman of the Audit Committee on an interim basis and also becomes a member of the Risk Committee. EnQuest Chief Executive, Amjad Bseisu said: "On behalf of the Board and the management team, I thank Jim for his guidance and wise counsel over the past six years and personally I am particularly appreciative for his support to me as Chief Executive. Jim has been an important part of the growth of EnQuest in providing a unique depth and breadth of knowledge. I will personally miss him on the Board. I very much welcome Jock as Chairman, his experience of a wide range of businesses and boardrooms will prove invaluable in this role. Jock Lennox biographical notes: Appointed to the EnQuest Board: 22 February 2010. Jock Lennox holds a Law degree and in 1980 qualified as a chartered accountant with Ernst & Young LLP (‘EY’), Edinburgh and is a member of the Institute of Chartered Accountants of Scotland. In 1988 Jock became a partner at EY. In his time at EY Jock was seconded to work in Seattle, US in the early 1980s. Throughout his career he worked with a range of multinational clients, working on projects in many countries. He also held a number of EY Global and UK leadership positions. Jock retired from EY in 2009. Other principal external appointments: Non-executive director of Dixons Carphone plc, Hill & Smith Holdings plc and A&J Mucklow Group plc. Jock is also senior independent director of Oxford Instruments plc and a trustee of the Tall Ships Youth Trust. He will be retiring from the Boards of Oxford Instruments and A&J Mucklow in September 2016 and November 2016 respectively. Ends For further information please contact: EnQuest PLC Tel: +44 (0)20 7925 4900 Amjad Bseisu (Chief Executive) Jonathan Swinney (Chief Financial Officer) Michael Waring (Head of Communications & Investor Relations) Tulchan Communications Tel: +44 (0)20 7353 4200 Martin Robinson Martin Pengelley This announcement has been determined to contain inside information. Notes to editors EnQuest is the largest UK independent producer in the UK North Sea. EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm. Its operated assets include the Thistle/Deveron, Heather/ Broom, Dons area, the Greater Kittiwake Area and Alma/Galia, also the Kraken and the Scolty/Crathes developments; EnQuest also has an interest in the non-operated Alba producing oil field. At the end of June 2016, EnQuest had interests in 29 UK production licences, covering 41 blocks or part blocks and was the operator of 26 of these licences. EnQuest believes that the UKCS represents a significant hydrocarbon basin, which continues to benefit from an extensive installed infrastructure base and skilled labour. EnQuest believes that its assets offer material organic growth opportunities, driven by exploitation of current infrastructure on the UKCS and the development of low risk near field opportunities. EnQuest is replicating its model in the UKCS by targeting previously underdeveloped assets in a small number of other maturing regions; complementing its operations and utilising its deep skills in the UK North Sea. In which context, EnQuest has interests in Malaysia where its operated assets include the PM8/Seligi Production Sharing Contract and the Tanjong Baram Risk Services Contract. Forward looking statements: This announcement may contain certain forward -looking statements with respect to EnQuest’s expectation and plans, strategy, management’s objectives, future performance, production, reserves, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this presentation should be construed as a profit forecast. Past share performance cannot be relied on as a guide to future performance.
Directorate Change ENQUEST PLC, 8 September 2016.
Top 10 Most Recent News Articles
Ecopetrol Ushers New Executive Leadership for Transition
New Blood Steering the Energy Transition Let's crack open the vault on Ecopetrol's recent maneuver: Armando José Cuello Navarro is stepping up as the new Executive Vice President of Energy Transition. It's like handing the wheel to a seasoned driver in a storm—this guy’s got the chops to navigate Colombia's energy maze. Cuello's resume reads like a textbook on energy...
Continue Reading
The AC Leverages Input 1 for New Premium Finance Program
In the world of insurance, where every single move can mean the difference between adapting to change or getting left in the dust, The Agency Collective's latest decision to bring Input 1 on board for their new premium finance program is worth a closer look. This step feels pretty significant in a sector where traditional and independent agencies try to forge a path to...
Continue Reading
iReprogram and U-M Join Forces to Combat Diabetes
Diabetes: A New Frontier in Disease Management Here we go, folks. Imagine a universe where diabetes isn't just controlled but potentially reversed at the cellular level. That's the bold vision taking shape in Ann Arbor, Michigan. A new partnership between iReprogram and the University of Michigan (U-M) sets the stage for a seismic shift in how we tackle diabetes,...
Continue Reading
Compass Hit by Securities Fraud Suit; Investor Action Urged
Trouble Brewing for Compass Investors Amidst Legal Storm In the tangled web of mergers and acquisitions, Compass, Inc. (NYSE: COMP) finds itself in a legal quagmire that has investors on edge. The stark reality of a securities fraud class action lawsuit has emerged, centered around Compass’s January 2026 merger with Anywhere Real Estate Inc. The Heart of the Allegations...
Continue Reading
Sustainability Conference Gathers Leaders in Shanghai
Shanghai's Moment as a Global Sustainability Hub Shanghai's not pulling any punches, hosting a heavyweight gathering of global leaders, thinkers, and innovators with their eyes set on the prize: a sustainable future. As the 2026 Sustainability Global Leaders Conference unfolds in the bustling Huangpu district from October 20 to 22, more than 300 top-tier minds will churn...
Continue Reading
Monkee's of Loudoun Opens to Cheers and Elegance
Bringing Southern Charm to Loudoun We've all seen those places where people parade in with snooty airs and pricetags that could feed a family for a week, but this one feels different. Monkee’s of Loudoun isn’t just rolling in the racks of high fashion — it’s bringing the allure of the South with a sprinkle of luxury and empathy. This franchise is no amateur,...
Continue Reading
ICEYE's Wildfire Intelligence: A Game-Changer with OroraTech
Wildfire Intelligence Gets a Boost from Space If you think keeping tabs on wildfires is just another task for dusty old fire towers, think again. The satellite game is changing up the field in a monumental way with ICEYE and OroraTech teaming up to bring a sharper eye to wildfire monitoring. With the integration of ICEYE’s SAR (Synthetic Aperture Radar) capabilities and...
Continue Reading
Asia-Pacific Travel Boom Spurs Growth in Emerging Cities
The Rise of Emerging Destinations in Asia-Pacific You could say the kids are driving the show this autumn, with Gen Z leading the charge in the Asia-Pacific travel boom. A surge in bookings across emerging destinations is shaking things up, and the scene feels fresh as a cold autumn breeze. We're seeing some stunning numbers—Chiang Mai up by a whopping 84.3%, followed...
Continue Reading
Fort Point Capital Sells AMS Fulfillment to Stord
Fort Point Capital's Strategic Play Just when you thought the game was getting stale, Fort Point Capital dropped a bomb: they’ve sold AMS Fulfillment to Stord. This isn't just some late-season punt; it's a calculated play from a Boston-based private equity player known for snapping up and scaling service-oriented businesses in the lower middle market. It's like...
Continue Reading
First Horizon Faces $24M Fraud Allegation Showdown
First Horizon Under the High-Beam Out here in the high-stakes world of finance, knowing when to move and when to wait is the name of the game. But what happens when your trusted financial partner might just be nodding off at the wheel? That’s exactly the conundrum boiling in the Sunshine State, with First Horizon Bank at the center of a $24 million storm. Allegations...
Continue ReadingTop 5 Most Recently Viewed Articles
Oxylus Energy Secures $4.5 Million for Green Methanol Innovation
Oxylus Energy Secures $4.5 Million Seed Round for Green Methanol Oxylus Energy, an innovative developer in clean fuel technology, has successfully completed a $4.5 million Series Seed funding round, co-led by Toyota Ventures and Azolla Ventures. This investment represents a significant step forward in their goal to enhance the production of cost-effective green methanol....
Continue Reading
Montage Gold Welcomes Jeremy Langford to Board of Directors
Montage Gold Welcomes Jeremy Langford to Board of Directors Montage Gold Corp. (TSX: MAU, OTCQX: MAUTF) has made an important decision by appointing Jeremy Langford to its Board of Directors. This strategic move aims to bolster the company's leadership and expertise as it strides forward with its ambitious plans. Jeremy Langford's Background and Experience Langford brings...
Continue Reading
Black Diamond Therapeutics: Pivotal Developments Ahead
Black Diamond Therapeutics Continues to Make Strides Recently, H.C. Wainwright confirmed a Buy rating on Black Diamond Therapeutics (NASDAQ: BDTX) shares, projecting a price target of $11.00. This positive outlook follows the company's major restructuring efforts aimed at advancing BDTX-1535, its leading drug candidate, into pivotal trials. This move is expected to not...
Continue Reading
A. O. Smith Adjusts Earnings Expectations Amid Market Changes
A. O. Smith Adjusts Earnings Expectations A. O. Smith Corporation (NYSE:AOS), a leading player in global water technology, has recently modified its full-year 2024 earnings forecast. This adjustment comes on the heels of a reported 4% decline in third-quarter sales, raising concerns about ongoing market conditions. The company, which is proudly marking its 150th...
Continue Reading
Interparfums, Inc. Welcomes New Board Members at Annual Gathering
Interparfums, Inc. Announces Board Expansion Interparfums, Inc. (NASDAQ: IPAR) recently made important strides at its Annual Meeting of Shareholders, where shareholders voted on key matters affecting the company’s future. Among the most notable outcomes was the election of two new members to its Board of Directors. The Shareholder Vote Outcomes During the meeting,...
Continue Reading