Independent Oil and Gas (IOG), a development and production focused oil and gas company, has elected a new chief financial officer (CFO), effective immediately.
IOG said on Wednesday that the company’s newly elected CFO was James Chance.
He joined IOG in July 2015 and was most recently the company’s commercial director working extensively on IOG’s financing, business development, and commercial activities.
According to the company, Chance comes to the CFO position with a strong energy financing background having formerly been a director in the oil & gas team at Standard Chartered Bank and holds an MBA from the London Business School, a BA from Oxford University and a PhD from London University.
The company added that Chance was not appointed as a director of the company.
Hywel John, the current CFO of IOG, has agreed to step down as a director and has resigned from the company’s board with immediate effect to pursue other interests.
Also, the company said that its Southern North Sea project team was strengthened by Ian Pollard who joined as IOG’s HSE manager. Another name which will join the company’s SNS project team in October as an engineering manager is Jonathan Walker. Both will work directly with Graham Cox, IOG’s SNS Project Manager.
Mark Routh, CEO and interim executive chairman, said: “I am delighted to announce the appointment of James Chance to CFO. He is an experienced member of the team with knowledge of the company’s finances, strategy, and assets and a strong track record in energy financing.
“I also welcome Ian Pollard and Jonathan Walker to the Southern North Sea project team – these are key appointments as we continue to build our high-quality team to deliver the project and create value for all stakeholders. On behalf of the IOG board of directors, I would like to thank Hywel for his contribution to the company and wish him well for the future.
“Significant progress with development funding and contractor discussions has been made over the summer, while our dynamic reservoir modeling work on the Vulcan Satellites hub assets was being completed.
“We are now moving towards final selection of contractors and submission of the Vulcan Satellites development plan, with the publication of new CPRs on the Blythe and Vulcan Satellites hubs also expected in the coming weeks.”