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SEPLAT Announces Retirement of Mr. Avuru; Appoints Roger Brown As New CEO

Nov 18, 2019   •   by   •   Source: Proshare   •   eye-icon 3048 views

Monday, November 18,2019 / 10:50 AM / NSE / Header Image Credit: Seplat Petroleum Development Company Plc


Seplat PetroleumDevelopment Company PLC ("SEPLAT") has announced that her pioneerManaging Director and later CEO, Mr. Austin Avuru will be retiring in July 2020 after 10 years ofleading the company.

 

Inthese 10 years, Mr. Avuru led the development of a strong organization, thedeployment of agile systems, processes and stakeholder relationships thatallowed the organization to grow rapidly from a gross production of 22,700boepdas at December 2010 to peaks of 111,368boepd gross production as at December2018 through major drilling campaigns and major new Oil and Gas plantsdevelopment.

 

Theacquisition of 40% of OML 53, post Company's IPO of 2014, created anopportunity in partnership with NNPC, to spawn a mid-stream subsidiary, ANOHGas Processing Company Ltd currently progressing what will ultimately be a300MMscf/d of Gas, 22,500bdp of condensate and 1,200boepd of LPG processingCompany. All these could not have been achieved without Mr. Avuru's leadershipskills, personal dedication and hard work, at the head of the Company.

 

TheBoard of SEPLAT is grateful to Mr. Avuru for these accomplishments and islooking forward to his continued service at the Board level.

 

Lookingforward, Seplat plans to position itself for a next phase growth ambition whichwould see the expansion of its footprint in terms of energy businessactivities, a plan to pursue offshore assets as well as opportunity drivenentry into different geographies. The Company believes that such a corporatetransition would require a different kind of organizational structure, peopleskills set and mentality to compete well in the expanded space. In view ofthis, Seplat will be reviewing its current organizational and systems structure.

 

Tolead the Company in her latest aspirations, the Board has selected Mr. RogerBrown as the successor to Mr. Avuru as CEO, when Mr. Avuru steps down on 31July 2020. The Board also decided that the CEO designate will lead therestructuring during the Transition period between now and final exit date ofMr. Avuru on 31 July 2020.

 

Mr.Brown joined SEPLAT in 2013 as the CFO and played a Key role in the successfuldual listing of the Company in 2014. Similarly, since joining the Company, hehas played significant roles in various asset acquisitions by the Company.

 

Mr.Brown brings to the CEO role, a deep knowledge of the Company in his 6 years asthe CFO and a member of the Board. He has strong financial, commercial andM&A experience as well as proven people skills which will be an asset asthe Company embarks on the next phase of its growth plan.

 

Priorto joining SEPLAT, Mr. Brown was an advisor to the Company since 2010 while hewas the Managing Director and head of EMEA Oil and Gas at Standard Bank Group.During his time at the bank, he was instrumental in providing advice anddeploying capital across the African continent in the Oil & Gas, Power& Infrastructure and the renewable energy sectors.

 

Whilewe thank Mr. Avuru for a meritorious service, we welcome Mr. Brown and wish himevery success in his upcoming new role.

 

Visit Seplat Petroleum Development Company Plc IR Page in Proshare MARKETS

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Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

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