Long-time Africa Oil stalwart Keith Hill is stepping down from his role as president and CEO, to be replaced by Roger Tucker.
Hill will remain on the board as a director. He will hand over leadership of the company on September 5, 2023.
Hill has led the company for more than 14 years. Over this time, he has overseen a number of major moves. These include the acquisition of a stake in Nigeria-focused Prime Oil & Gas and the discovery of Venus, offshore Namibia.
The outgoing president and CEO said it had been a privilege to lead Africa Oil “from a microcap junior explorer to a significant Independent E&P company”.
He said it was now the “right time to hand over the reins to Roger. I thank our board and the Africa Oil team for their professionalism and support over the past fourteen years. I am very pleased that we have attracted Roger, a high calibre executive with his extensive experience in the international energy sector.”
Hill is planning to spend more time with his family.
The new CEO is currently a non-executive director at Peru-focused PetroTal. In July, he finished up a term as non-executive chairman for Viaro Energy.
Tucker started off at Exxon before moving to LASMO, ending up as president of Latin America. He then went to Yukos, leaving in 2004, before going to African Arabian Petroleum, Latitude Energy and BG Group, where he served as senior vice president for Europe.
The incoming president and CEO said he was happy to join Africa Oil, “a company that has grown significantly in the last few years with an excellent opportunity set and material catalysts for shareholder value creation”. Tucker said he was grateful for “this opportunity to lead the company on its next phase of sustainable growth, with a firm focus on shareholder value and returns”.
Shareholders at PetroTal appear to approve of Tucker. At the recent AGM, 99.54% of them voted for him to act as director.
Africa Oil is in a position of strength with its stake in Prime generating substantial and ongoing dividends. With drilling under way in Nigeria, this asset has become a mainstay of Africa Oil.
The company has invested in a number of other junior explorers, Africa Energy, Impact Oil and Gas and Eco Atlantic. These investments give the company access to up and coming discoveries. However, there is an ongoing question of how to realise value.
Impact is invested in Namibia, where drilling is in motion. New man Tucker faces some interesting questions about how to continue in one of the world’s deepest drilling locations.