EnQuest chairman retires. Successor named

Chairman of EnQuest, a UK-based oil and gas development and production company, has retired from the position while the company’s non-executive director has been named as his successor.

EnQuest said on Thursday that James Buckee is leaving the company after six years in the role and that the changes are effective immediately.

His successor, John Lennox, has been a member of the EnQuest board since February 2010. Before joining EnQuest, he had a 29 year-long career as a chartered accountant and partner at Ernst&Young LLP. He was also a non-executive director of Dixons Carphone, Hill & Smith Holdings, and A&J Mucklow Group, among others.

Buckee said: “Despite the challenges of the oil price environment in recent years, EnQuest started 2016 with a net 2P reserve base of 216 MMboe, an excellent net 167% increase since EnQuest’s formation just over six years ago, equating to 18% growth per annum, with the substantial established potential reserves life of 18 years.”

Lennox said: “EnQuest has a very strong team of people and an asset base which has material growth potential. Currently, EnQuest’s priority continues to be to to deliver a business and a balance sheet which are robust in this environment, and I am very pleased to be becoming Chairman at this important time in the Company’s development.”

Also with immediate effect, Lennox will replace Buckee as Chairman of the Nomination Committee. Lennox will stand down as Chairman of the Audit Committee and as a member of the Risk Committee. He will continue to be a member of the Audit Committee while EnQuest’s non-executive director Philip Nolan will take over as Chairman of the Audit Committee on an interim basis and become a member of the Risk Committee, replacing Lennox.

EnQuest CEO, Amjad Bseisu, said: “On behalf of the Board and the management team, I thank Jim for his guidance and wise counsel over the past six years, and personally I am particularly appreciative for his support to me as Chief Executive. Jim has been an important part of the growth of EnQuest in providing a unique depth and breadth of knowledge. I very much welcome Jock as Chairman, his experience of a wide range of businesses and boardrooms will prove invaluable in this role.”