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Cabot Energy Board and Directorate Changes

18th June 2018

Cabot Energy (AIM: CAB), the AIM quoted oil and gas company focused on production led growth balanced with high impact exploration and appraisal opportunities.

Scott Aitken, CEO

Cabot Energy announces the following changes to the Board of Directors and Officers of the Company.

Highlights:

  • Keith Bush, Chief Executive Officer, and Nicholas Morgan, Finance Director, have stepped down as Directors of the Company and will be leaving later in the year.
  • Scott Aitken, current CEO of High Power Petroleum, has been appointed as Chief Executive Officer of Cabot Energy but is not currently being appointed as a Director of the Company.*
  • Current non-executive Director Petro Mychalkiw will assume the role of Chief Financial Officer. Current non-executive Director Campbell Airlie will take on the role of Chief Technical Officer and Paul Lafferty will remain President of Cabot Energy Inc., the Company’s wholly owned Canadian subsidiary.
  • The Board also intends to appoint two new independent non-executive Directors as soon as possible with Chairman Jonathan Murphy and Senior Independent Director Iain Lanaghan retiring from the Company.

Jonathan Murphy, independent non-executive Chairman, stated: “On behalf of Cabot Energy, I would like to thank Keith Bush and Nick Morgan for their contributions to the Company and their dedicated service as officers of the Company. We wish them the best of luck in their future endeavours.”

Scott Aitken has more than 25 years’ experience in the oil & gas exploration and production industry, including 15 years as CEO. He is currently the CEO of High Power Petroleum LLC, which he co-founded alongside Campbell Airlie and Petro Mychalkiw in 2015 as the oil exploration and production subsidiary of pulse-power technology world leader, I-Pulse. Newly appointed CEO, Scott Aitken, commented: “We believe Cabot Energy has a bright future ahead and we are looking forward to the challenge of transforming the Company into a world-class enterprise. With long time colleagues Petro and Campbell, we plan to usher in a new chapter of growth for the Company for the benefit of all shareholders.” 

*In accordance with the terms of the Company’s relationship agreement with High Power Petroleum LLC dated 19 December 2017, High Power Petroleum LLC agreed that there will always be a majority of non-connected directors on the board of the Company. Petro Mychalkiw and Campbell Airlie are the representatives of High Power Petroleum LLC. Accordingly, Scott Aitken can only be appointed to the board of the Company when such appointment would be in compliance with the terms of the relationship agreement.

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