Board Changes and Financing Update

19 March 2020

Board Changes

Anglo African Oil & Gas plc announces the following changes to its Board of Directors, each with immediate effect.

Dexter Ferreira is appointed Non-Executive Director. Dexter has worked in the natural resources sector for over 25 years, namely as a consulting mining engineer and geologist. He is currently a director of Independent Resource Estimations, a consultancy company for the mining and exploration market. Mr Ferreira holds a BSc Geological Sciences, a BEng Mining Engineering and is a member of the South African Council for Natural Scientific Professions (SACNASP).

Tania Maciver is appointed Non-Executive Director. Tania is a knowledgeable global finance professional with over 20 years of buy and sell side experience across many industries, successfully assisting companies with corporate strategy development and capital structuring. Tania is currently COO and Research Analyst at SP Angel Corporate Finance LLP. Tania holds a Masters in Finance, an MBA with Finance Specialisation, BA Economics and BSc in Life Sciences.

Both Tania and Dexter are being appointed as non-executive directors in accordance with the agreement under which Forum Energy Services Limited ("Forum") invested in the Company earlier in the year.  The new directors are engaged and paid by the Company and have no business interest in Forum.

James Cane has agreed to step down as Interim Chief Executive and Finance Director and has left the board.  Forum has agreed to provide the services of Paul Forrest as a part-time Interim Financial Officer in a non-board role to provide cost effective assistance for the Company in monitoring and controlling its finances. Paul is the sole director of Forum and has over sixteen years' experience working in finance in the natural resource industry.

Sarah Cope and Phil Beck remain on the board as Non-Executive Chair and Non-Executive Director, respectively.  In the board's view the current nature of the Company's activities does not presently merit appointing any director in an executive capacity.

The Board would like to thank James Cane for his hard work and valuable contribution to AAOG particularly over the last few months.

Financing Update

Forum has agreed in principle to arrange/provide the Company with interim finance of £150,000 before the end of March in order to ensure that AAOG can satisfy its creditors following this date. A further announcement will be made in due course.

Schedule 2(g) of the AIM Rules for Companies

The following information is disclosed under Schedule 2(g) of the AIM Rules for Companies:

Mr Dexter Stewart Nuno Ferreira, aged 58, currently holds or has held the following directorships and partnerships in the last five years:

Current directorships/partnerships
Independent Resource Estimations CC        

Past directorships/partnerships
None

 

Ms Tania Alena Maciver, aged 48, currently holds or has held the following directorships and partnerships in the last five years:

Current directorships/partnerships           
Swan Alley (Nominees) Limited

Northland Capital Partners Limited

Sandco 1101 Limited

Bootyman Printers Limited

NPE Management Company Limited

Northland Private Equity Limited

Past directorships/partnerships
Northland Partners LLP

Umana Medical technologies Ltd

 

As at the date of this announcement, none of the above Directors has an interest in the ordinary shares of the Company.

There are no further disclosures required under Schedule 2(g) of the AIM Rules for Companies.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries:

Anglo African Oil & Gas plc

[email protected]

James Cane, Interim Chief Executive and Finance Director

 

 

 

finnCap Ltd (Nominated Adviser)

Tel: +44 20 7220 0500

Christopher Raggett, Giles Rolls, Teddy Whiley (Corporate Finance)

 

Camille Gochez (ECM)