Independent Oil and Gas (IOG), a development and production focused oil and gas company, has informed that its chairman would be stepping down from his position.
IOG said that David Peattie, the non-executive chairman of the company, has accepted the CEO role of the Nuclear Decommissioning Authority (NDA) as of March 1, 2017.
To fulfill this full-time appointment, Peattie will be stepping down as chairman of IOG on May 31, 2017, or once a new chairman is appointed, whichever comes sooner.
Mark Routh, CEO of IOG, said: “It is a huge accolade for David to be selected for this crucially important governmental appointment and it is right and proper that he must now devote his energies to this role.
“David will continue as chairman in the near-term while the board selects a suitable replacement and the search process is underway. He has been instrumental to the company’s progress since joining the IOG board as Chairman last July. While I am personally sorry to lose him, I take great comfort from IOG’s ability to attract someone of David’s caliber to be our chairman.
“We wish David every success in this role of national significance and have no doubt he will do a superb job.”
David Peattie, Chairman of IOG, added: “It has been a great pleasure heading up the board of IOG during a crucial time of significant expansion for the company. Over the past year, IOG has made major additions to its Southern North Sea gas asset portfolio with the buy-out of the Blythe gas discovery and the acquisition of the Vulcan Satellite discoveries.
“This has taken the company’s most likely contingent gas resources from around 44 BCF to more than 490 BCF. The company is now very well placed to develop these gas assets with a route to market being secured and Field Development Plans scheduled for submission in the coming months.
“I will continue to help IOG to progress its significant development plans and ensure a smooth transition to a new chairman.”