A candidate for the board of the oil company Atlantic Petroleum has been nominated in accordance with a loan agreement with London Oil and Gas (LOG) announced back in May.
The £8 million loan agreement between Atlantic and London Oil and Gas was signed on May 25, 2016.
The deal primarily provided Atlantic with additional working capital and funding for future acquisitions in Eastern Europe and the Eurasia region.
As part of the agreement, LOG gained the right to nominate a board member and to propose a non-executive director. Also, an advisor to LOG will join the company as a special adviser to Atlantic’s board.
Atlantic said on Friday that David Peattie was named as the candidate for the board and that an Extraordinary General Meeting would be called shortly to formalize this appointment.
Peattie has over 35 years of industry experience. Most recently, he was CEO of Fairfield Energy, an oil & gas company owned by a syndicate of North American and European private equity investors, led by Riverstone and Warburg Pincus.
He began his career at BP in 1979 as a petroleum engineer and during his 33-year tenure at the company held several technical, commercial and senior management positions including Head of BP Russia. Peattie is currently a Non-Executive Chairman of UK focused Independent Oil and Gas.
The loan agreement also enables London Oil and Gas to name a Head of Corporate Finance. Clint Redman was announced in May as the choice for the role and will be joining Atlantic Petroleum in December.
Redman has worked in the investment banking industry for 35 years covering a wide range of markets from equities through to financial futures. He worked for investment banks which include Goldman Sachs, Oppenheimer, Drexel Burnham, and Lehman Brothers.
Ben Arabo, CEO of Atlantic Petroleum, said: “We are very pleased to be able to announce that David Peattie and Clint Redman will join Atlantic Petroleum, and I look forward to working with David and Clint on our future expansion and on delivering the value from Orlando & Kells.”
The latest development regarding the Orlando field was when Atlantic Petroleum in November requested the removal of Iona Energy as the operator of the Orlando and Kells licenses and transfer of operatorship to Atlantic.