Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that the Board of Directors has appointed Alex Schneiter as President and Chief Executive Officer (CEO) of Lundin Petroleum following Ashley Heppenstall's decision to step-down from his executive position with the Company, all to be effective as of 1 October 2015.
Ashley Heppenstall has recently advised the Board of his decision to step-down as President and CEO of the Company. Ashley Heppenstall has held this position since 2002, leading Lundin Petroleum's evolution and growth over the last 14 years with a more than 40-fold increase of the Company's share price. Ashley Heppenstall will remain on the Board of Lundin Petroleum.
Alex Schneiter has been Executive Vice President and Chief Operating Officer (COO) of Lundin Petroleum since inception in 2001 and has in particular been instrumental in growing Lundin Petroleum's business in Norway over the last 11 years. Alex Schneiter has been working for companies associated with the Lundin family since 1993. Alex Schneiter will commence the role of President and CEO of the Company on 1 October 2015.
Nick Walker, who recently joined the Company as Senior Vice President Development and Operations, will assume the role of COO, also effective as of 1 October 2015.
Ian H. Lundin, Chairman of the Board of Lundin Petroleum comments: "Ashley has led Lundin Petroleum through a successful period of growth to today being one of the largest E&P companies in Europe. His contribution has been instrumental in the shareholder value creation over this period. He will remain on the Board of Lundin Petroleum as well as working closely with other companies related to our family.
Alex has been with Lundin Petroleum and its predecessor companies since 1993 and has played a major role in our success. He has had overall responsibility for all of the technical and operational aspects of the Company as well as direct control over our Norwegian business. I and the Board have full confidence that Alex, with his knowledge of the assets, operations and people of Lundin Petroleum, will do an excellent job in leading the Company and continuing to create further value for our shareholders.
I also welcome the decision to appoint Nick Walker as COO. He is an outstanding manager with a proven track record in our industry."
Ashley Heppenstall, President and CEO of Lundin Petroleum comments: "It has been a privilege for me to be involved with Lundin Petroleum for the last 14 years, over which time we have created significant shareholder value. I have decided to step-down from my executive position with Lundin Petroleum at a time when the Company is well positioned for its next phase of growth.
Lundin Petroleum is generating strong cash flow, the Edvard Grieg project is close to first oil and the Johan Sverdrup development is about to commence. I have worked with Alex Schneiter for over 20 years and I know that he will do an excellent job in guiding the Company through its next phase of development. I will remain on the Board and in this capacity look forward to a continued involvement in this success story."
Alex Schneiter, Executive Vice President and COO of Lundin Petroleum comments: "I welcome this opportunity to lead Lundin Petroleum through our next phase of growth and development. We will continue to focus on growing value in our Norwegian and South East Asian core areas through increasing our resource and production base. Our historical organic exploration growth strategy which led to the discoveries of Edvard Grieg and Johan Sverdrup will continue.
Our financial position is strong and our asset base will deliver sufficient cash flow going forward not only to develop our existing discoveries such as Johan Sverdrup and fund exploration expenditure, but also to allow us to consider a sustainable dividend policy. The continuation of the creation of shareholder value will be my key focus."