PetroNeft, an oil & gas exploration and production company, announced the appointment of David Sturt as CEO.
Mr. David Sturt, who has been a Non-Executive Director of the Company since 2016, will become CEO with effect from 25 March 2019. In the meantime, Karl Johnson, VP of Operations, will continue as Interim CEO.
David has over 35 years of international experience in the upstream oil and gas industry, gained working on projects in Europe, CIS, Africa, South America and SE Asia. He is currently also a Non-Executive director of Petrosibir AB, a Swedish company with oil and gas interests in Russia. Since 2012 David has been a Senior Vice President with Azimuth Limited. During 2011-2012, David served as a Deputy Board Chairman and Head of Upstream for Ukrnafta, the largest oil company in Ukraine. Before this he was a founding shareholder of VistaTex Energy, which was an oil and gas production company with producing assets across onshore USA. David was also the founding CEO and later COO of Kausar Oil and Gas (later Exillon Energy). Before this he worked as Director of G&G for Petrokazkhstan and also previously held positions with Hess, Sun Oil, ConocoPhillips and Dragon Oil.
David will continue the work commenced in 2018 whereby the Company has engaged financial advisers in Russia to test the market and gauge appetite for a potential sale of Licences 61 and/or 67 in order to return value to shareholders.
