Executive Management Update

London, 23 October 2018 – New Age (African Global Energy) Limited (“New Age”) and New Age LNG Limited (“NALNG”), a sister company of New Age, are pleased to announce and confirm the following appointment and positions: 

  • Dave Loran is appointed as Chief Executive Officer of NALNG, effective immediately. With an extensive track record in LNG and the Exploration & Production business, Dave brings a wealth of experience to this position, and has been instrumental in the technical development of the New Age portfolio in Congo Brazzaville and Cameroon and previously led Marathon’s operations in Russia. 

  • David Stoopin will continue in his role as Group Chief Executive Officer of New Age Limited on a permanent basis. David joined New Age in 2008 and has played a key part in the development of the company over the last decade. He serves as a Director of New Age, and as its CEO, will continue to lead the company strategically and operationally. 

  • Pascal Nicodeme continues in his role as Chief Financial Officer, reporting to David Stoopin, and serves as a Director of New Age. 

 

Tim Summers, Chairman of New Age, said: 

“I am delighted to announce today’s appointments and look forward to continuing to work with David and Pascal, as well as Dave in this new role as CEO of NALNG. We now have an outstanding executive management team securely in place with the capability to explore, appraise, develop and bring into production the best prospects across our suite of African assets. This team has the ability to deliver large, complex projects, and positions the New Age Group for its next stage of development.” 

Sheng Ding, Chairman, NALNG, said: 

“We are very pleased to have secured the services of someone of the calibre of Dave Loran as CEO of NALNG. Dave’s experience in the LNG business and existing relationships with our partners will be critical to the success of NALNG.” 

Further Information: 

For media: 

Brunswick Group LLP 

Patrick Handley / Charles Pemberton: +44 (0)20 7404 5959 

NewAge@brunswickgroup.com 

About New Age (African Global Energy) Limited 

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 several 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. 

About New Age LNG Limited: 

New Age LNG Limited (NALNG) is a privately-owned UK based company whose investors include New Age (African Global Energy) Ltd and a number of large oil and gas industry focused equity funds. NALNG is developing a number of FLNG businesses in Africa to facilitate the monetising of gas from the upstream assets of New Age and other international oil and gas companies.