London, 10 September 2018 – The Board of Directors of New Age (African Global Energy) Limited (“New Age” or “the Company”) announces the appointment of Timothy Summers as Non-Executive Chairman, effective 1st September 2018.
Mr Summers brings extensive industry experience with almost thirty years in both oil & gas and engineering and manufacturing sectors. He has lived and worked in a number of countries, and has held a variety of Senior Executive and Board roles in BP, TNK-BP, KCA-Deutag, Renova AG, and Sulzer AG. He is a Chartered Engineer, and was formerly Chairman of the Swiss-listed engineering firm, Oerlikon AG.
David Stoopin, Chief Executive, New Age, said:
“It’s a great pleasure to welcome Tim to New Age. Our new Chairman brings valuable experience, gathered in complex industries, to lead New Age in the next stage of its development as an emerging E&P business. We look forward to his presence, leading the Board, during an important period of change as we continue to unlock value within our multinational portfolio.”
Timothy Summers, Non-Executive Chairman, New Age, said:
“New Age is an exciting business to join. The company has an impressive cadre of oil & gas professionals who have assembled and matured a strong, balanced portfolio of energy assets. I look forward to working with the Board and management team as we enter a new phase for the company.
Brunswick Group LLP
Patrick Handley / Charles Pemberton: +44 (0)20 7404 5959
About New Age:
New Age (African Global Energy) Limited (‘New Age’) is a privately held oil and gas company with a high quality portfolio of assets located predominantly in sub-Saharan Africa. The Company’s strategy focuses on early entry into assets in emerging and under-valued regions. New Age has a diversified portfolio of assets, comprising 15 oil and gas concessions in seven countries, namely, Congo-Brazzaville, Cameroon, Nigeria, Ethiopia, Morocco, South Africa and Kurdistan, with certified 2P reserves of circa 350mmboe and 2C resources of 500mmboe.
Since the Company was founded in 2007, it has consistently grown through exploration success, commercialisation and business development as well as by maturing discovered resources to production. New Age has made twelve discoveries since inception, resulting in six development projects to date, four of which are already on production. Following a number of major exploration and appraisal successes the New Age business has evolved into a more mature, fully funded business with production from multiple oil and gas fields across Africa. Future development plans include ramping up production to circa 70,000 boepd by 2023 from the next phase of oil and gas developments, appraising new fields and completing a number of FLNG projects utilising the extensive rich gas reserves.