The Board of Ophir has announced that, by mutual agreement, Dr Nick Cooper the current CEO and Executive Director, has stepped down from the Board with immediate effect. Nick will remain an employee of the company at this time and will be leaving the company after a short handover period. Alan Booth, currently a non-executive director of the company, has been appointed as Interim CEO and Executive Director, until a new CEO is appointed.
Under Cooper’s tenure as CEO, the company was led through a successful IPO in 2011, realised value through selling part of its interest in Tanzania in 2013, acquired Salamander in 2015 and has recently announced the acquisition of Santos’ South East Asian assets.
The decision to appoint a new CEO is part of the company’s ongoing move to rebalance its portfolio towards a larger production and cash flow base, to support more focussed and sustainable exploration activity; the recently announced Santos acquisition is seen as an important step in this direction.
The Board will strengthen management operational capabilities to deliver this strategy, alongside continuing its plans to realise value from Ophir’s substantial discovered gas resources. The Board continues to focus on realising value for shareholders from the Fortuna Project, and will continue to work with the Government of Equatorial Guinea to develop this important resource.
Commenting, Bill Schrader, Chairman of Ophir, said: “On behalf of the Board, I would like to thank Nick very much for his service to the Company. Nick was appointed CEO in 2011 when Ophir was a frontier explorer. Today, we have a production-focussed business model, exemplified by the proposed Santos transaction. This positions the company well for the future and provides a great platform to Nick’s successor. We wish Nick all the very best for the future. In Alan Booth, we have an excellent Interim CEO with the relevant operational experience.”
Cooper said: “I have thoroughly enjoyed my seven years at Ophir and am proud of what we have achieved together. Ophir has transformed from a high risk, frontier explorer to a sustainable, balanced, upstream company. A solid platform has been built for new leadership to take the Company forward. I wish the staff, Board and shareholders of Ophir all the very best for the future.”
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/18052018/ophir-ceo-to-step-down/