GIBRALTAR, GIBRALTAR — (Marketwired) — 08/20/13 — Minexco, the private oil and gas exploration company focused on emerging hydrocarbon provinces along the West Africa Transform Margin, is pleased to announce the appointment of Lord Richard Risby as Non-Executive Chairman, with immediate effect.
The appointment of Lord Risby is in line with the Company–s strategy to complement and enhance its current corporate and operational skill set.
Lord Risby brings over 20 years– experience in the international financial services sector, having held a range of senior director positions at Merrill Lynch, E F Hutton, Lehman Brothers and Furman Selz. Following a career in finance, he went into politics and served as a Conservative Member of Parliament for 18 years, during which time he became Vice-Chairman of the Conservative Party, a position that he held for five years, and was responsible for relations and policy development with major financial institutions and the investment community in the City of London. Lord Risby was Deputy Chairman of Conservative Business Relations between 2005 and 2010. He was appointed to the House of Lords in November 2010 and in 2012 was appointed to be the Prime Minister–s Trade Envoy to Algeria. Lord Risby was born in South Africa and holds a MA in Economics from Magdalene College Cambridge.
Commenting on the appointment, Chief Executive of Minexco Petroleum Dr Martin Keeley, said: “We are delighted to welcome Lord Risby to the Board as Chairman. Minexco Petroleum is pleased to have attracted a businessman with substantial financial and government experience. His business acumen, knowledge and contacts will significantly assist the Company as it grows.”
Commenting on his appointment, Lord Risby said: “Minexco is a fascinating business to be involved with and is at an exciting stage of development as it begins its work programme in Sierra Leone and receives ratification of its interest offshore Ghana. I look forward to working with the team to build on this early success to help carry out the Company–s strategy for growth.”
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About Minexco Petroleum Inc.
Minexco Petroleum is a private oil and gas exploration company that is building a portfolio of upstream projects in emerging hydrocarbon provinces. The focus is along Atlantic Transform Margin, where the Company currently holds acreage in Sierra Leone as well as interest in petroleum project offshore Ghana.
Minexco was founded in 2011 and is managed by a team of professionals with extensive experience in the upstream international oil and gas industry, led by Dr Martin Keeley.
The Company–s strategy is to exploit investment opportunities in Africa by securing and maintaining large equity positions in the early phases of exploration and manage the risk through:
Minexco holds 90% interest and is Operator of Block SL-7A-10 offshore Sierra Leone. Pre-drilling operations have commenced with reprocessing and interpretation of existing 2D seismic data as well as acquisition of new 2D seismic data covering the entire block.
AGM Petroleum Ghana Limited, a Minexco – AGR Energy SA joint venture, was selected as preferred partner to the Ghana National Petroleum Corporation in a strategic alliance to apply and operate one of the most sought after blocks offshore Ghana. A Petroleum Agreement was ratified in Q3 2013.
The targets in both blocks are structurally-enhanced stratigraphic traps within stacked late Cretaceous turbidite fan complexes. Individual targets have P50 in place potential in the range of 500-1,300 mmboe.
With the West Africa Transform Margin positioned to become a crucial source of global oil and gas, Minexco believes that its strategy to acquire assets in this area will create value for shareholders, partners and the communities in which the Company operates.
Contacts:
Tavistock Communications
Simon Hudson / Ed Portman
+44 20 7920 3150