Sterling Energy undergoes board changes

Sterling Energy, the AIM-listed oil and gas exploration company, has made several non-executive changes, which are effective immediately. 

Sterling said on Friday that the company named Michael Kroupeev to the position of non-executive chairman, Leo Koot as the senior independent non-executive director, and Ilya Belyaev as a non-executive director.

Kroupeev joined the company’s board as a non-executive director in May 2016. He has over 20 years of experience within the exploration and production sector. In 1995, Kroupeev founded Waterford Finance and Investment Limited, where he owns 29.9 percent of the entire issued share capital of the company.

Koot has over 28 years of experience in the energy sector and an MSc in Petroleum Engineering from Delft University. Following a start to his career with Shell International, he has been involved in multiple business start-ups including EDP Ltd, TAQA Bratani (UK) Ltd, and TAQA Iraq BV.

Since 2011, Belyaev acted as an investor in private equity and venture capital projects via Supremum Capital and Concentric VC, having closed over a dozen transactions in Russia and UK with a focus on finance and real estate sectors. Before moving into private equity and venture capital, he spent over eight years in investment banking at JPMorgan, Barclays Capital, and VEB Capital in London and Moscow.

Belyaev was appointed to the board as the nominee of Mistyvale Limited, a company that owns a 15.7 percent stake in Sterling.

The company added that, as a result of these changes, Koot and Belyaev were also appointed to the Audit and Remuneration committees, which will both be chaired by Koot. Also, Kroupeev, Koot, Belyaev, and Eskil Jersing, who is the CEO of the company, were appointed to the Nominations Committee, which will be chaired by Kroupeev.

Eskil Jersing, the company’s CEO said: “Michael transitioning to the chairman’s role will help further align our business strategy, operational focus, and aspirations to those of the shareholders.

“Ilya will no doubt bring a refreshing perspective to the business, and we will endeavor to leverage his financial and entrepreneurial experience. I am also delighted that Leo will be joining the Board; he will bring deep and broad-ranging business development, financial and engineering expertise to help move the company forward.

“Collectively, I expect these appointments will ensure continued focus on managing our asset base, in parallel to successfully executing M&A led activities to transform the company in the near term.”

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