Echo Energy has named Fiona MacAulay as its new chief executive.
The industry veteran started her career at Mobil North Sea in 1985.
Fiona has more than 30 years of experience in the oil and gas industry, most recently as Chief Operating Officer and Technical Director of Rockhopper Exploration plc. Fiona has led the company’s work on the Sea Lion project in the North Falkland Basin where multiple discoveries in Sea Lion and most recently the Elaine Isobel complexes have resulted in audited 2C contingent resources of over half a billion barrels.
The charted geologist previously held senior roles in a number of leading oil and gas firms, including Amerada Hess and BG. She is European President of the American Association of Petroleum Geologists.
She said: “I am delighted to be joining Echo at such an exciting time for the business, as we begin to implement our newly announced strategy. We are building an experienced senior team with technical and commercial strength, and are looking to grow the business though material additions to the portfolio as soon as possible. I look forward to working with James and the wider team to add real value for our investors and create a dynamic company of real scale.”
Chairman Jim Parsons added: “We are delighted to welcome Fiona as Chief Executive Officer. The Board and I are huge supporters of her drive and ambition and are very pleased to have secured someone of her regional experience, credibility and talent. Echo has an ambitious growth strategy and I look forward to working closely with her and Julian to rapidly build the Company into a mid-cap E&P firm; Fiona’s outstanding technical credentials ensure we are very well placed to deliver on all of our goals. I remain very focused on continuing to deepen our senior management bench-strength and look forward to announcing further appointments in due course.2
Fiona has been awarded options over 24 million new ordinary shares exercisable at 16.12 pence per share. The options vest after three years and expire after five years. The company has also agreed to issue two million five year warrants over new ordinary shares exercisable at 16.12 pence per share to select individuals who have worked with the company identifying potential asset acquisitions.
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