The Board of Range is pleased to announce with immediate effect, the appointment of Mr. Rory Scott Russell as the Company's new Chief Executive Officer and the appointment of two new Non-Executive Directors, Mr. Graham Lyon and Dr. Christian Bukovics. Together these appointments bring a wealth of technical, operational and financial experience onto the Board, to fully support the Company's future growth and development.
Range also announces that Mr. Peter Landau, will step down from his position as Executive Director with immediate effect. Mr. Landau will continue to support the business by remaining on the Board as a Non-Executive Director.
Further to the above, the Range Board has initiated a recruitment process for a full-time Chief Operating Officer and will provide an update in due course.
Brief biographies of the new Directors are provided below:
Mr. Rory George Scott Russell, Chief Executive Officer
Mr. Rory Scott Russell (aged 34) has over ten years of international experience in upstream positions at Shell. Most recently he was Finance Manager for Exploration in Europe and Russia based in London. In this role he oversaw all financial aspects of the business, corporate governance and control, treasury management and sat on regional investment committees covering the North Sea, onshore Netherlands and Germany, Italy, Russia and Kazakhstan. He was involved in country entries and project start-ups in Greenland, Albania, Spain, Ukraine and Russia. Prior to this he was Finance and Commercial Manager for exploration in Russia based in The Hague and Moscow and has also worked in the strategic planning unit for Shell's global upstream business, based in The Hague. Rory has a BSc (Hons) from the University of Edinburgh.
Mr. Graham Victor Lyon, Non-Executive Director
Mr. Graham Lyon (aged 56) has over 30 years of experience in the oil and gas industry, working for a wide range of listed and private companies. Graham has a BSc Eng (Hons) in Petroleum Engineering from Imperial College London. He started his career with Chevron before moving to Shell as sub surface team leader and as project petroleum engineer. Graham then spent 14 years with Deminex in a series of technical leadership roles in the UK, Germany and Egypt, and its successor, Veba Oil and Gas, including Regional Manager for the Caspian and Middle East, thereafter he was heavily involved with the sale of the company to Petro-Canada. Graham remained with Petro-Canada for a further 7 years holding roles culminating in Vice President Strategy and Business Development, International and Offshore. Within the last 5 years Graham has held the position of President and Chief Executive Officer of Mena Hydrocarbons Inc, a TSX-V listed energy company, with assets in Egypt and Syria and is currently a Non-Executive Director at Hawkley Oil and Gas Ltd an ASX listed energy company, and a Director at Tarbagatay Munay LLP a private Kazakhstani oil and gas company and Soncer Ltd.
Dr. Christian Eduard Wilhelm Johann Bukovics, Non-Executive Director
Dr. Christian Bukovics (aged 62) has 33 years' experience in exploration and has held executive positions at Shell. Until end of 2012, Christian was Vice President for exploration in Russia and the Former Soviet Union and a member of the global exploration leadership team. Prior to this he held the exploration manager position for the European Atlantic Margin, was General Manager for Shell businesses in Iran and Kazakhstan and Vice President for the Commercial division of Shell Global Exploration. Over his career Christian participated in and managed the discovery of over three billion barrel equivalents of oil and gas, pioneered the application of new technology (notably 3D seismic) in Shell and spearheaded entries into new territories with over fifty thousand square kilometers of acreage acquired. Christian has a PhD in experimental physics from the University of Vienna. He is a member of Petroleum Exploration Society of Great Britain (PESGB) and of the European Association of Geoscientists and Engineers (EAGE). In addition to his Board position, Christian is a partner in an exploration-focused venture fund.
See appendix for further information in accordance with Rule 17, Schedule Two (g) of the AIM Rules for Companies.
After the appointments, the Board will comprise seven Directors:
Sir Sam Jonah, Non-Executive Chairman (appointed 2006)
Graham Lyon, Non-Executive Director (appointed February 2014)
Christian Bukovics, Non-Executive Director (appointed February 2014)
Marcus Edwards-Jones, Non-Executive Director (appointed 2006)
Peter Landau, Non-Executive Director (appointed 2005)
Executive Directors (and therefore not deemed independent)
Rory Scott Russell, Chief Executive Officer (appointed February 2014)
Anthony Eastman, Executive Director (appointed 2009)
Commenting on today's announcement, Sir Samuel Jonah, Non-Executive Chairman, said: "I am delighted with today's appointments, which represent a significant strengthening of the Board at this important time in the Company's development. The new Directors' extensive knowledge and experience in the international oil and gas and financial sectors will provide the necessary skills and support to ensure that Range is well equipped for future growth.
At the same time, on behalf of the Board I would like to thank Peter for his invaluable contribution in developing Range and its exciting portfolio of assets over the past 9 years. We are pleased that we can retain his experience and expertise as we take the Company through a busy pipeline of corporate and operational activity."
Rory Scott Russell, CEO, commented:"I am excited to be joining Range Resources as CEO, with the opportunity to take the Company into its next phase of development. It has been a difficult journey in recent months, however Range continues to hold an underlying portfolio of fundamentally strong assets.
In the short term, we will continue to seek to rationalise the portfolio and realize value for Rangethrough divestments and farm-outs, focusing our efforts on the Company's key Trinidadian assets.
We will also continue the work started by the Board to appoint an executive team with the technical and management skills required to fulfil Range's future growth ambitions."