Gulf Keystone Petroleum has named Keith Lough as its new chairman.
The non-executive director will replace Andrew Simon, who will retire with immediate effect.
Mr Simon said: “Having overseen a renewal of both the board and the senior management team during the last 15 months, and together with the restructuring announced today, it is now an appropriate time to hand over the chairmanship to Keith, who has spent a lifetime in the oil industry.
“His deep industry knowledge at a time of low oil prices and geopolitical challenges has already proved invaluable whilst he chaired the finance committee and I am delighted that he has agreed to take on the chairmanship.”
Mr Lough added: “I would like to thank Andrew for his tireless work on behalf of all of GKP’s stakeholders. Over the course of his time on the board, as a NED and latterly as chairman, he has overseen the company through an extremely tough time, not only for all of the Kurdistan operators, but for the Oil & Gas sector as a whole. On behalf of everyone at GKP I would like to wish Andrew the very best in his retirement.
“I look forward to working with my fellow directors and all at GKP as we focus on restoring value in the company. I would also like to reiterate what has been said about the proposed restructuring. The deal effectively saves the company and, whilst not without cost, is the only credible option which allows us to move forward with the Shaikan project.”
Lough served as LASMO’s managing director of the North Sea, Europe and North Africa before it was sold to ENI.
He served as chief financial officer (CFO) of PetroKazakhstan for two years before being headhunted for the CFO role of British Energy, the nuclear power company. At British Energy he oversaw the complex restructuring of the business and the interaction with the UK Government and its creditors. In 2004 Keith founded coal bed methane focused Composite Energy Ltd, which was acquired by Dart in 2011.
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