London, 20 August 2018 – The Board of Directors of New Age (African Global Energy) Limited (the “Company”) announces that, with effect from 31st August and by mutual consent, Steve Lowden is stepping down from his role as non-executive Chairman, which he took on in June 2017 when the roles of Chairman and CEO were separated.
Whilst the Board seeks to appoint a new Chairman to steward New Age through its next phase of growth, it has appointed Roy Franklin OBE in a caretaker role. Roy is also a member of the Advisory Board of Kerogen Capital LLC, New Age’s largest shareholder.
Roy Franklin said:
“The process to appoint a successor to Steve is well under way and we look forward to announcing the new Chairman in due course.
The Board would like to thank Steve for his significant contribution to New Age over the past decade and wish him every success for the future.”
Brunswick Group LLP
Patrick Handley / Charles Pemberton: +44 (0)20 7404 5959
For New Age:
David Stoopin +44 (0)20 7581 7830
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. 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/2C reserves of circa 1 billion boe.
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 and reached FID on six development projects, 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 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.