International oil and gas explorer Niko Resources has announced that Ed Sampson, Chairman, CEO and President of the Company, will retire, effective the end of the calendar year.
During his 18 years with Niko, he was the architect of its expansion within India and to many international areas, including Bangladesh, Indonesia, and Trinidad & Tobago.
Sampson will continue in his role as Chairman, CEO and President through year-end to assist with the proposed financing and to transition responsibilities to other members of the management team. In announcing his retirement, Sampson said:
“With production about to move up in India, a gas price in India about to double, and the recent drilling of what could prove to be the most significant discovery in D6 to date, I feel comfortable this should be my time. I will leave the Company with a very strong and committed management team, led by Jake Brace, Bill Hornaday and Glen Valk. As one of the largest individual shareholders of the Company, I remain extremely excited about the D6 Block and the prospects of Niko in the coming years.”
Effective January 1, 2014, Frederic F. (Jake) Brace will become interim President of Niko. Jake joined the Company as a senior advisor to take on the task of liability management and to work with management and the Board in concluding the process of addressing immediate liquidity issues. Jake will be moving into the position of interim President to continue that focus and other administrative duties of the office in the fulfillment of the Company’s strategy. He has considerable practical expertise in the management of the challenges facing the Company having previously dealt with such matters in executive positions at United Airlines, among others.
Niko is engaged in production, development and exploration of natural gas and oil in India, Bangladesh, Indonesia, Trinidad, and Madagascar.
November 21, 2013