The chief executive of Deltic Energy (AIM:DELT) Graham Swindells has announced he will be stepping down from his role.
Swindells said: “Despite the recent challenges presented by the UK’s political and fiscal environment, I am proud of what we have achieved in establishing Deltic as one of the UK’s leading explorers.”
He is vacating the role immediately after more than six years in the Deltic top job. He became CEO in February 2018 after joining the firm as finance director nearly five years prior.
Deltic chairman Mark Lappin said: “Graham will leave with the profound thanks of the board for his commitment and contribution to Deltic over the last 11 years, initially as CFO and more recently as CEO.
“Under Graham’s leadership, Deltic was transformed into a company with an attractive portfolio of licences along with world-class partners, positioning it at the forefront of UK exploration.”
Nunn to take charge of Deltic
Replacing Swindells, effective immediately, will be current chief operating officer Andrew Nunn.
Swindells added: “As the team seeks to extract the maximum value from the existing UK asset base and rebuild a portfolio focussed outside of the UK, now is the appropriate time for me to hand over the role of CEO to Andrew who I have had the pleasure of working alongside for the last 10 years and believe is an outstanding successor.”
Nunn has been with the company for over a decade, working as a senior projects manager for eight months before becoming the firm’s chief operating officer in December 2014.
The firm wrote in a stock market update: “In his role as COO of Deltic, Andrew has led the successful development of the company’s exploration portfolio and has been instrumental in securing licences and multiple farm outs to world-class partners.
“Andrew was also key to the origination and maturation of the Pensacola discovery and the Selene prospect, where drilling operations are ongoing.”
Nunn said: “Graham has led Deltic through some of the toughest and most volatile times I’ve ever experienced in this industry.”
As he took up the post Nunn announced that his firm will be sharing “a series of measures to reduce the Company’s overheads” in the near future.
Lappin welcomed Nunn into the role: “The combination of his experience, knowledge and commercial acumen makes him the ideal person to take the business forward.”
Pensacola and Selene
Deltic withdrew from its joint venture project with Shell, Pensacola, earlier this year as it blamed political uncertainty in the UK.
In July, Shell mobilised the Valaris 123 rig for the drilling campaign at Selene, another joint venture project with Deltic.
Nunn added: “Our small team has delivered what would have been, at any other time in the industry’s history, a company-making success with the Pensacola discovery.
“Deltic has the potential for a second major discovery at Selene where drilling operations are ongoing.
“Our progress to date has been carefully watched and recognised by our industry peers. We anticipate shortly announcing a series of measures to reduce the Company’s overheads.
“It will then be our job to capitalise on that hard-earned reputation and credibility as we look further afield to find value for shareholders.
“The initial focus will be on identifying and accessing those opportunities which deliver immediate, or very near term, cash flow while we incubate those high-impact exploration opportunities that will always be part of Deltic’s DNA.”
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