30 January, 2012
PRESIDENT PETROLEUM COMPANY PLC
("President" or "the Company")
Strengthening of Board and Management Team
President is pleased to announce the strengthening of its Board and Management Team.
Peter Michael Levine
President intends to appoint Peter Levine as Executive Chairman, with effect from 1 May 2012. A further announcement will be made containing full details of Peter Levine's appointment in due course. John Hamilton (the current Interim Chairman) will remain a Director of the Company, following the appointment of Mr. Levine.
Dr David Anthony Lawson Jenkins
Dr Jenkins, 73, a graduate of Clare College, Cambridge (SES: E2:J91U.SI - news) , will join the Board of President with effect from 6 February 2012, as Deputy Chairman and Senior Independent Non Executive Director. Dr Jenkins had a distinguished career spanning 37 years with British Petroleum (LSE: BP.L - news) . During this time, he became Chief Geologist in 1979 and General Manager for BP Exploration in 1984. He was then promoted to Chief Executive Technology for BP Exploration in 1987, a position he held for 10 years. In 1997 he became BP's Director for Technology and Chief Technology Advisor to the CEO.
Following his time at BP, Dr Jenkins served as a Director of BHP Billiton Ltd and BHP Billiton (Hamburg: BHP1.HM - news) plc for nine years, the world's largest and most successful diversified natural resources company. Following his time at BHP Billiton, Dr Jenkins has been involved in several private oil and gas ventures.
Dr Jenkins is currently serving as a Director of Black Platinum Energy Ltd, an Indonesian exploration company and is an energy advisor to Temasek Holdings (Private) Limited, and a technical advisor to Cuadrilla Resources Ltd.
Dr Jenkins currently holds, or has held during the previous five years, the following Directorships:
Current Directorships Former Directorships
Chartwood Resources Limited BHP Billiton Ltd
Mintaka International (Oil ∓ Gas) Ltd BHP Billiton plc
Black Platinum Energy Ltd
No further information relating to Dr Jenkins is required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.
Dr Richard John Hubbard
Dr Hubbard, 61, has joined President as Chief Operating Officer. Dr Hubbard will become part of the Senior Management Team. A graduate of Stanford University, California, Dr Hubbard has 37 years experience in the international exploration and production business and has served in a wide range of leadership positions within British Petroleum, Statoil (Other OTC: STOHF.PK - news) and Monument.
During his time at British Petroleum, Dr Hubbard served as Chief Geologist, Head of Commercial ∓ Strategic Planning in the Corporate Centre during the period of strategic re-direction led by Lord Browne and latterly as BP Amoco's President in Brazil. Dr Hubbard led exploration teams that discovered more than eleven billion barrels in all the worldwide major hydrocarbon provinces accessible to industry at the time.
At Statoil he served on the Board as Executive Vice President with responsibility for the rapidly growing international E∓P portfolio in West Africa, Algeria, the Middle East, Russia and Venezuela increasing production to over 100,000 boepd. President notes that Statoil was the subject of a Norwegian Police investigation during 2003/4 during the period Dr Hubbard served as Executive Vice President International. Having reviewed the case President is satisfied of Dr Hubbard's suitability for his role in the Company. President is delighted to have Dr Hubbard on the team and looks forward to his positive contribution to the success of President.
Following his assignment with Statoil, Dr Hubbard and Dr Jenkins founded Orion California in 2005 and the partnership has been engaged in an active 3D seismic and drilling campaign through a JV with Aera Energy. Dr Hubbard has now completed this role.
For further information contact:
President Petroleum Company
John Hamilton, Interim Chairman +44 (0) 207 811 0140
Ben Wilkinson, Finance Director +44 (0) 207 811 0140
RBC Capital Markets
Jeremy Low, Stephen Foss, Matthew Coakes +44 (0) 207 653 4000
RBS Hoare Govett +44 (0) 207 678 8000
Simon Hardy, Max Jones
Pelham Bell Pottinger +44 (0) 207 861 3232
James Henderson, Mark Antelme
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