Jadestone Energy flags board changes at next AGM

23rd Feb 2024 12:39

(Sharecast News) - Asia-Pacific-focussed upstream company Jadestone Energy announced changes to its corporate governance structure on Friday.

The AIM-traded firm said Dennis McShane, its non-executive chair since 2017, and Lisa Stewart, an independent non-executive director since 2019, had decided not to seek reelection and would step down from the board ahead of the next annual general meeting.

In their place, Dr Adel Chaouch was proposed to join the board, subject to due diligence.

Following his appointment, a new chair would be selected by the board.

The company said Dr Chaouch would bring a wealth of experience to Jadestone, having previously served as the executive director and CEO of ShaMaran Petroleum, a Lundin Group company operating in the Kurdistan region of Iraq.

Prior to that, he led Marathon Oil's interests in the Middle East and North Africa, and played a pivotal role in establishing a gas hub in Equatorial Guinea.

Before his tenure at Marathon, Dr Chaouch held positions of increasing responsibility at Raytheon E&C, primarily focusing on major projects in the oil and gas sector.

His academic background included a masters and Ph.D. in engineering from Texas A&M University.

"Jadestone has grown substantially from an operator of a single producing asset in 2017 to a multi-jurisdictional operator producing over 20,000 barrels of oil equivalent per day," said chair Dennis McShane.

"As part of Jadestone's ongoing process of board refreshment, it is time for the board to benefit from a new set of skills to help Jadestone successfully navigate its next phase of growth, and I would like to welcome Adel Chaouch as an independent non-executive director.

"He brings great international experience, having led upstream businesses globally, and will provide strong technical insight in support of board decisions going forward.

"It is also important to recognise the need to balance the size of the board while maintaining the appropriate capabilities, and with this appointment the board will reduce by one."

Reporting by Josh White for Sharecast.com.