Cabot Energy plc (AIM:CAB), the AIM quoted oil and gas company focused on production led growth balanced with high impact exploration and appraisal opportunities, has today announced the appointment of James Dewar as interim independent non-executive Chairman with immediate effect.
Mr Dewar has over 35 years of experience in oil & gas as a former divisional CFO of BP plc and ex group CFO of Dana Gas PJSC. He has extensive experience of energy and energy services companies having lived and worked in Europe, Middle East, Africa, Asia, Canada and USA.
On the appointment of James Dewar, Jonathan Murphy and Iain Lanaghan have stepped down from the Board and retired from the Company.
On his appointment, James Dewar said: “I am delighted to join the Board of Cabot Energy which has great potential, not just in its current Canada production and leading Italy exploration asset base, but also as a platform for further expansion. The scale of the opportunity at Cabot Energy is substantial as we strive towards the next phase of growth. However, we recognise the need to improve the financial management and internal controls, information flow for investors, plus deliver operational excellence and execution in order to deliver shareholder value. As previously announced, the Board is undertaking an extensive operational and financial review of the Company, including the balance sheet ahead of the interim results, and I look forward to working with the highly talented, new management team to help Cabot Energy realise its true potential."
Scott Aitken, Chief Executive Officer of Cabot Energy, said: “We are delighted that James has agreed to join the Board. James is a recognised expert in the field of corporate governance, finance, accounting and control, with extensive industry experience. Everyone on the management team looks forward to working with him.”