Providence Resources names new non-exec chairman

Providence Resources, an Irish oil and gas exploration company, has appointed Patrick Plunkett as a non-executive chairman, effective from October 1, 2016.

The company said on Tuesday that Plunkett would replace James McCarthy, a non-executive chairman of Providence from May 2015 to October 1, 2016.

McCarthy will step down as non-executive chairman but has agreed to stay on as a non-executive director.

The company also said that Phil Nolan would retire from the board effective from October 1, 2016, due to other business commitments. Phil Nolan has served as a non-executive director of the company since 2004.

Before his appointment in Providence, Plunkett was a non-executive chairman of Tullow Oil from 2000 to 2011. He is currently executive chairman of T5 Oil and Gas, a private company he founded in 2013 and which is focused on acquiring oil and gas assets in Africa and the Middle East.

Plunkett has over 30 years of experience in the financial services sector. He was a founding partner of the Riada & Co stockbroking and corporate finance businesses. Following their acquisition by ABN-AMRO NV, he continued to manage these businesses until 1998. Plunkett is also a former director of the Irish Stock Exchange.

Tony O’Reilly, CEO of Providence Resources, said: “On behalf of the whole team at Providence, I’d like to extend our sincere thanks to James who has helped guide the Company through a very difficult period from late 2015 through mid-2016, which culminated in the very successful recapitalisation of the business in July 2016.

“The Board is pleased that James has agreed to remain as a non-executive director and that we will have continued access to his valuable counsel. I’d also like to express our great appreciation to Phil Nolan for the significant contribution he has made to the Board during his tenure.  

“The Board is delighted that Pat has agreed to join us at a very exciting stage of our corporate development. Pat requires no introduction in the E&P sector, and we very much look forward to benefitting from the extensive knowledge and experience that Pat will offer as we move forward with our very exciting program offshore Ireland.”

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