Chairman and two directors leave Sterling. CEO takes Chairman role

Chairman and two non-executive Directors have resigned from their positions at Sterling Energy, an oil and gas exploration company, with immediate effect.

The company said on Thursday that non-executive Chairman Nicholas Clayton and, non-executive Directors Keith Henry and Malcolm Pattinson, have left the company due to strategic differences on the future direction of the company.

Clayton was appointed as the non-executive Director of Sterling in October 2009. He provided strategic and corporate finance advice to several public and private oil and gas companies since January 2007. Between August 2005 and December 2006 he was Global Co-Head of Oil and Gas Corporate Finance for Canaccord Adams. Clayton began his career at BP having obtained a first class honors degree in Business Studies, sponsored by BP, from Portsmouth Polytechnic in 1985.

Henry was named a non-executive Director of Sterling in September 2009. Before Sterling, he was with Brown & Root for 23 years, the last five of which were as Chief Executive responsible for the Europe, Africa, and FSU regions.

Pattison is a geoscientist with 40 years of experience who joined Sterling in November 2010. Until 2001 he was the vice-president of exploration for Ranger Oil, later CNR. Before that, he was exploration vice-president for Hamilton Oil, later BHP. From 2001 to 2006 Malcolm was a consultant for Tullow Oil.

Clayton, Henry, and Pattinson also served as the only members of the company’s Audit, Remuneration, and Nomination Committees because no Executive Directors are members of any sub-committee.

The current CEO of Sterling Energy, Eskil Jersing will assume the role of the interim Chairman.

Michael Kroupeev remains on the Board as the only remaining non-executive Director.

The company added that it intends to appoint appropriately qualified replacement non-executive directors in due course.

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