New chairman to join Hurricane Energy

UK-based Hurricane Energy has appointed a new non-executive chairman of the board of directors, effective May 1, 2018.  

Hurricane Energy said on Monday that Steven McTiernan would take on the role of non-executive chairman of the board of directors on May 1.

David Jenkins, who has acted as an interim chairman since November 2017, will return to his previous role as senior independent director on this date.

McTiernan has over forty-five years of oil and gas industry and investment banking experience. He was a non-executive director of Tullow Oil for eleven years until December 2012 and served as its senior independent director.

He is currently the chairman of Kenmare Resources mining company where he has been on the board since 2013. McTiernan was an independent director at First Quantum Minerals until June 2012, and an independent director at Songa Offshore until January 2014.

His oil and gas industry experience includes roles at Iraq Petroleum, Amoco, BP, and Mesa, and his banking experience includes senior roles leading energy teams at the Chase Manhattan Bank, NatWest Markets, and CIBC.

Robert Trice, chief executive of Hurricane, said: “This is an extremely important time for the company as we progress towards first oil on Lancaster in H1 2019. As the company continues to grow, and considers the best way to create further value for its stakeholders, Steven’s experience will prove invaluable.

“His background in both the oil industry and finance, particularly his significant M&A experience, is well suited to guiding the company in its next steps beyond the commencement of the EPS. I’d also like to thank David for assuming the Interim chairman role and leading the board over recent months.”

Regarding his appointment, McTiernan said: “I am most enthusiastic to be joining Hurricane, one of the UK E&P sector’s most exciting junior companies, at an early stage in the development and appraisal of its unique and play-opening assets. I am also reassured to see the steps already taken by David Jenkins and the board to put in place corporate governance standards appropriate for a more mature company, and I look forward to steering further steps in this process as the board considers the merits of the application for a premium listing.”