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Columbus Energy Resources makes new senior appointment on ‘reboot day’

Published: 03:38 15 Jun 2017 EDT

Onshore oil drilling
The 'reboot' comes into effect today

On the morning of its big relaunch day Columbus Energy Resources PLC (LON:CERP), the reboot of LGO Energy, has announced another new senior appointment.

The company, which is now targeting growth in South America, has hired Gordon Stein as its chief financial officer.

Stein was most recently chief financial officer of Madagascar Oil, and also previously held the role at Cadogan Petroleum, Vanguard Energy Limited and Regal Petroleum. He has been the company’s board as non-executive director since January, and he subsequently remains a board member but now with executive responsibilities.

"I am delighted to welcome Gordon to his new position as chief financial officer. Gordon's extensive financial and oil and gas experience will be of significant value to the company as we enter our next stage of growth," said Leo Koot, who was appointed chief executive last month.

The management appointments and company relaunch, which becomes effective today, coincided with the exit of former LGO Energy boss Neil Ritson.

It was also revealed today that LGO finance director James Thadchanamoorthy has now informed the board of his intention to step down, effective immediately, to pursue new opportunities.

Ahead of a company relaunch event later today, Koots said: “The successful completion of our rebranding to Columbus Energy Resources marks the start of a new journey for the company.

“Since I joined Columbus at the beginning of May I have met with many of our colleagues and it is clear to me that the company has a fantastic asset portfolio with significant potential and highly skilled people, all of which provides a strong platform for future growth.”

Koots added: “With our newly strengthened Board and senior management team we aim to create shareholder value through maximising production from our existing high quality Trinidadian development assets to generate free cashflow and develop exploration targets across our portfolio in the South West peninsula in a capital efficient and disciplined manner. 

“Alongside this we intend on leveraging our expertise and experience to build an attractive and diversified portfolio of assets across South America in order to build an oil production led South American exploration business.”

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