Independent Oil and Gas (IOG) has announced two changes to its top management team.
Rupert Newall has been appointed chief financial officer (CFO), while current CFO James Chance has been appointed as head of corporate finance and investor relations.
Both continue to serve on IOG’s executive management committee.
Mr Newall will join the IOG board following the completion of regulatory due diligence.
Fiona MacAulay, non-executive chairwoman of IOG, said: “I am delighted to confirm these new appointments which reflect the senior talent we have, the progress IOG has made this year, and the exciting work that lies before us.
“Rupert has been an invaluable member of the senior management team over the past year, most notably leading the successful farm-out process.
“Rupert’s extensive experience will be key as we deliver the Core Project and grow further by adding attractive reinvestment opportunities to the portfolio.
“James has been a key part of IOG’s management team over the past 4 years and played a vital role in transforming the Company’s prospects during 2019 in particular. In conjunction with the farm-out, the successful bond issue he led ensured our Core Project is fully funded.
“I am delighted that he will take on this important role as we move IOG into the next phase and I look forward to continuing our work together.”
In August, IOG started drilling its Harvey prospect in the North Sea.
The appraisal well aims to shore up best estimates that the prospect holds 129 billion cubic feet (BCF) of gas.
If successful, it could see designated partner CalEnergy Resources (CER) farm in 50% to the Southern North Sea prospect.
IOG agreed a “landmark” farm-out deal with CER in July for all of its southern sector licences, bar Harvey.
Andrew Hockey, CEO of IOG, added: “Rupert’s commercial and financial expertise will be crucial as we transition IOG into a cash generative production company and develop it beyond our fully funded Core Project.
“We have a highly effective senior management team at IOG and James will play a key part in developing the company in his new role.
“We are very excited about the future of IOG and the value we can deliver to shareholders from our core portfolio that is now fully funded to cashflow.”
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