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New non-exec chair appointed at IOG

Fiona MacAulay
Fiona MacAulay

Independent Oil and Gas (IOG) has appointed Fiona MacAulay as independent non-executive chair.

She takes over from Mark Routh, who will step down on January 1.

Ms MacAulay joined the IOG board in July 2018 as the senior independent non-executive director.

She has more than 30 years’ experience with both major and independent oil companies including Mobil, Amerada Hess and BG.

More recently she was COO of Rockhopper Exploration and until 31 December 2018 is the CEO of Echo Energy.

IOG chief executive Andrew Hockey said: “It has been a real pleasure working with Mark, both as Deputy CEO and as his successor as CEO.

“Mark guided the Company through its early growth and was instrumental in the acquisition of the Thames pipeline and in building up our high-value UK gas portfolio of over 600 BCF during some very challenging years in the industry.

“This will enable us to deliver real value to shareholders in the years to come.  We wish Mark all the best with his future endeavours.

“I am delighted that Fiona will now be stepping up as the next Chair of the Board.

“Fiona has a wealth of operational, technical and commercial industry expertise and is well versed in all aspects of listed energy company directorship.

“We look forward to her active leadership as we progress to project execution on our core reserves and to adding further value to our Southern North Sea gas portfolio.”

Mr Routh said: “It has been a great pleasure to lead the Board of IOG and I am proud of the valuable gas business we have built over the past few years.

“IOG’s portfolio today has an NPV10 of over £700 million and has substantial further value growth potential.

“My succession plan has been successfully completed and important senior management and Board changes made to ensure delivery of shareholder value in the execution phase.

“I wish the Company well and look forward to following IOG’s progress in the coming years with much interest as a long term, supportive shareholder.”

Ms Fiona MacAulay said: “I am delighted to succeed Mark as Chair of the Board of IOG and to be working with Andrew and the team as they pursue IOG’s cost-effective proven hub strategy in the UK Southern North Sea.

“Mark leaves us very well positioned to execute on our high-value gas hubs and achieve further growth in the coming years.”

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