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Trapoil announces board changes

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Staff writer | London, United Kingdom | April 25, 2014
TrapoilApril 25, 2014, London, United Kingdom - Trapoil, the independent oil and gas exploration, appraisal and production company, announced that Simon Bragg is to be appointed as non-executive chairman, effective May 1, 2014.
Mr. Bragg co-founded Oriel Securities Limited in 2002 and is currently its Chief Executive. Having qualified as a Chartered Accountant at KPMG he then worked at Hoare Govett Limited, Cargill Financial Markets plc and HSBC Investment Bank plc before co-founding Oriel Securities Limited. Mr. Bragg is succeeding Kevin Watts who is to step down as Chairman of the Company.

Mr. Watts is a Chartered Accountant with more than 20 years of experience in the oil industry. He was most recently the President and Chief Executive Officer of Stratic Energy Corporation, from 2005 until 2010.

Previously, he held roles in senior positions and business development at Enterprise Oil plc from 1984, serving on its executive committee from 1995 to 2002 and on the main board, as Corporate Development Director, from early 1998 through to 2002. Mr. Watts is a member of the Institute of Chartered Accountants in England and Wales. He is Chairman of Trapoil's nomination and remuneration committees, and a member of the audit committee.

The company also announced that Miles Newman and Martin David have both informed the Board that they do not intend to seek re-election to the Board at the Company's forthcoming Annual General Meeting and accordingly will step down at that point.

Mr. Newman has 27 yearso of experience working as a geoscientist and entrepreneur in the upstream oil and gas industry. Previously held roles include New Ventures manager at Kerr-McGee from 1988 where he was responsible for building a large portfolio of blocks in China, Brazil, Yemen and Thailand.

In 1999 Mr. Newman became the Exploration Manager for Kerr-McGee in Aberdeen. In 2002 he cofounded Reach Exploration (North Sea) Limited, developing a portfolio of exploration, appraisal and development Licences in the North Sea and participated in several discoveries prior to the sale to Trapoil in 2011. He is leaving the Company to pursue other opportunities.

Mr. David will continue to be responsible for the Company's technical department and will become Managing Director of Trap Oil Limited, the Company's main North Sea operating company.

Mr. David has more than 35 years ofexperience in the oil industry, including technical, operational, financial and commercial management of exploration portfolios and new venture evaluations.

Previously, Mr. David held positions with Unocal UK Limited, Deminex UK Oil & Gas Limited, Veba Oil & Gas UK Limited, and was Exploration Director of North West Europe with Suncor Energy Incorporated. He chaired the UK Offshore Operators Association Exploration Committee and has been Secretary of the Petroleum Exploration Society of Great Britain.

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