Completion of First Subscription and Board Changes
03 Fevereiro 2009 - 7:38AM
UK Regulatory
TIDMWBN
RNS Number : 6921M
Woburn Energy PLC
03 February 2009
For Immediate Release
3 February 2009
Woburn Energy Plc
("Woburn Energy" or the "Company")
Completion of First Subscription
Board Changes
Woburn Energy (AIM: WBN) is pleased to announce that the First Subscription by
Cetus Investment Resources Inc has completed and the First Subscription Shares
have been admitted to trading on AIM.
The following changes have today been made to the Board of the Company:
Peter Kitson and Christopher Moore have resigned as Directors. At the same time
the Proposed Directors being Arif Kemal, Hasan Hashwani, Rustom Kanga and Kamran
Ahmed will be appointed.
Further information on the Proposed Directors as required by the AIM Rules is
set out below:
Arif Kemal, Non-Executive Chairman (aged 67), BSc Hons MSc
Mr. Arif Kemal has over 46 years' experience in exploration, production and
management of oil and gas resources. He was awarded a B.Sc. Hons in Geology and
an M.Sc. (Petroleum Geology) from the University of Karachi. Mr. Kemal completed
a post-graduate training course in Petroleum Engineering at the Ecole Nationale
Superieure de P�trole et des Moteurs, Institut Fran�ais du P�trole, France. Mr.
Kemal commenced work as a geologist and senior oil explorer with the Oil and Gas
Development Company Limited of Pakistan in 1962 with whom he held a number of
senior positions over the next 25 years being appointed the Executive Director
Exploration and Production in 1988. In 1994 Mr. Kemal was appointed the General
Manager and Deputy Chief Executive Officer of Pakistan Oilfields Ltd, becoming
the Chief Executive Officer in 1997, a position he held until 2002. In 2003 Mr.
Kemal became a director and advisor to the board of OPII and in 2005 became
President of OPII's US associate, Osprey Petroleum Company Inc (based in
Houston, Texas).
Mr. Kemal has held a number of other positions including being a member of the
Board of Governors of the Hydrocarbon Development Institute of Pakistan (1999 to
2002), Chairman of the Pakistan Petroleum Exploration and Production Companies
Association (1999 to 2002), Chairman of the Pakistan Society of Petroleum
Engineers (1992 to 1993) and Chairman of the Pakistan Association of Petroleum
Geoscientists (1996 to 1997 and 2001 to 2002).
Mr. Kemal is a member of the Society of Petroleum Engineers, the American
Association of Petroleum Geologists and the Houston Geological Society.
Hasan Ali Hashwani, Non-Executive Director (aged 31)
Mr. Hashwani was educated in the UK and Pakistan. In 1996 Mr. Hashwani moved to
the United States and attended various executive business courses at
Rice University, Houston, Texas between 1997 and 1999. In 1999 he attended the
Young Managers Programme at INSEAD, France. He partially completed an
undergraduate programme in Business Administration at the University of Phoenix,
United States between 1999 and 2003.
In January 1998 Mr. Hashwani first became involved in the oil and gas sector and
since January 1998 held various management positions within OPII and its
associate company, Osprey Petroleum Company Inc. which is based in Houston,
Texas, United States. OPII and Osprey Petroleum Company Inc. were then both part
of the Hashoo group of companies which are ultimately wholly-owned by Mr.
Hashwani's father, Sadruddin Hashwani, a leading Pakistan-based businessman who
has interests in a number of businesses including oil and gas assets, real
estate and hospitality (including the Marriott and Pearl Continental Hotels in
Pakistan).
In November 2001 Mr. Hashwani was appointed as the President of Osprey Petroleum
Company Inc. with responsibility for overseeing the day-to-day operations of a
number of producing oil and gas fields prior to their sale in 2004. In December
2004 Mr. Hashwani became a director and president of OPII and has been
responsible since then for the development of its oil and gas interests in
Pakistan. Mr. Hashwani oversees the operations of the oil and gas exploration
activities of OPII and is also responsible for the conception, acquisition, and
development of international hospitality and real estate projects for other
Hashoo group companies.
Mr. Hashwani established Zaver Petroleum to develop a broadly based portfolio of
international oil and gas exploration and production assets. In September 2008
Zaver Petroleum acquired a direct 55 per cent. interest in OPII. Mr. Hashwani is
the President of Zaver Petroleum.
Rustom Bejon Kanga, Non-Executive Director (aged 54), FCA
Mr. Kanga graduated with a B.Sc. in Commerce and is a Fellow of the Institute of
Chartered Accountants in England and Wales. He was admitted to membership of the
Institute in 1982. Following qualification Mr. Kanga was engaged in public
practice as a chartered accountant in London and in 1996 he relocated to
Houston. Mr. Kanga has been a director of Rushlake Hotels (USA) Inc. since 1991
and is currently Vice President. Mr. Kanga has extensive experience in the oil
and gas sector internationally. Since 2001 he has been a director of Osprey
Petroleum Company Inc. and is currently a Senior Vice President. In addition,
Mr. Kanga is on the board of a number of other private companies including OPII,
Zaver Petroleum and Hashoo Group Ltd.
Kamran Ahmed, Non-Executive Director (aged 46)
Mr. Ahmed graduated with a Bachelor of Science in Finance & Management from
Ithaca College, Cornell University and a Post Graduate diploma in Islamic
Banking & Economics from The International Institute of Islamic Banking &
Economics. In 1983 Mr. Ahmed commenced working at Dar Al Maal Al Islami, S.A, a
banks and investment companies holding group based in Geneva, Switzerland
operating in the field of Islamic banking and finance. In 1986 Mr. Ahmed joined
Shell Pakistan (formerly Pakistan Burmah Shell) and worked in a variety of
management roles in Shell's downstream oil division. In 1992 Mr. Ahmed joined
Bankers Equity Limited as Vice President in the merchant banking division
providing international multi-lateral institutional credit lines and financing
of large industrial projects including oil terminals, refineries and drilling
companies. Over the next 9 years Mr. Ahmed was involved in a number of oil and
gas debt and equity financing for a large number of international oil companies.
In 2002 Mr. Ahmed joined OPII as Senior Vice President Finance and Business
Development. In 2005 Mr. Ahmed established OPII's London representative office
and is a director of Orient Petroleum UK Limited, a wholly-owned subsidiary of
OPII.
Additional information
The Proposed Directors have held the following directorships in companies or
partnerships in the past five years:
+---------------------+---------------------------------+----------------------------+
| Director: | Current: | Former: |
+---------------------+---------------------------------+----------------------------+
| Arif Kemal | Orient Petroleum | None |
| | International Inc. | |
| | Orient Petroleum (Central | |
| | Asia) Ltd | |
| | Osprey Petroleum (Louisiana) | |
| | Inc. | |
| | Pakistan Oilfields Ltd | |
| | Red River Resources Inc. | |
| | | |
+---------------------+---------------------------------+----------------------------+
| Hasan Ali Hashwani | Cetus Investment Resources Inc | Orient Petroleum (UK) |
| | Energy Managers International | Limited |
| | Inc | Orient Petroleum Inc |
| | Hashoo Group Ltd | Osprey Petroleum Company |
| | Lakeshore Services Sarl | Inc |
| | Oasis Natural Energy Inc | Osprey Petroleum |
| | Ocean Pakistan Ltd | (Louisiana), Inc |
| | Orient Petroleum (Central | |
| | Asia) Ltd | |
| | Orient Petroleum | |
| | International Inc. | |
| | Orient Petroleum | |
| | Resources (Libya) Inc | |
| | PetroEnergy Libya Inc | |
| | Rasciuno SpA | |
| | Rushlake Hotels (USA) Inc | |
| | Zaver Petroleum International | |
| | Inc | |
| | Zaver Petroleum (Mauritania) | |
| | Ltd | |
| | | |
+---------------------+---------------------------------+----------------------------+
| Rustom Bejon Kanga | Artrel Business Inc | Orient Petroleum Inc |
| | Beacon Hill Properties Ltd | Orient Petroleum (UK) Ltd |
| | Belleshore Trust Ltd | Osprey Petroleum |
| | Cetus Investment Resources Inc | (Louisiana) Inc |
| | Energy Managers International | Western Acquisitions Inc |
| | Inc | Zaver Houston Inc |
| | First Houston Project Seven Inc | |
| | Hashoo Group Ltd | |
| | Houston Project Four Inc | |
| | Houston Project Six Inc | |
| | Lakeshore Services Sarl | |
| | Oasis Natural Energy Inc | |
| | Ocean Pakistan Ltd | |
| | Orient Petroleum (Central | |
| | Asia) Ltd | |
| | Orient Petroleum International | |
| | Inc | |
| | Orient Petroleum | |
| | Resources (Libya) Inc | |
| | Osprey Petroleum Company Inc. | |
| | Park Holdings Inc | |
| | Park Properties of Tampa Inc | |
| | PetroEnergy Libya Inc | |
| | Project Seven Inc | |
| | Rasciuno SpA | |
| | Red River Resources Inc | |
| | Rushlake Hotel Management | |
| | Company Inc | |
| | Rushlake Hotels (USA) Inc. | |
| | San Antonio Project Seven Inc | |
| | Seven Eight Six Properties Inc | |
| | Vero Inns Inc | |
| | Zaver Petroleum International | |
| | Inc | |
| | Zaver Petroleum (Mauritania) | |
| | Ltd | |
| | | |
+---------------------+---------------------------------+----------------------------+
| Kamran Ahmed | Orient Petroleum (UK) Limited | None |
| | | |
+---------------------+---------------------------------+----------------------------+
There are no further details in relation to the above appointments which require
disclosure under paragraph (g) (iii) to (viii) of Schedule 2 to the AIM Rules.
Following these changes the new Board composition is as follows:
+------------------------------+----------------------------+
| Arif Kemal | Non-executive Chairman |
+------------------------------+----------------------------+
| Tony Baldry | Non-executive Deputy |
| | Chairman |
+------------------------------+----------------------------+
| John Cubitt | Managing Director |
+------------------------------+----------------------------+
| Hasan Hashwani | Non-executive Director |
+------------------------------+----------------------------+
| Rustom Kanga | Non-executive Director |
+------------------------------+----------------------------+
| Kamran Ahmed | Non-executive Director |
+------------------------------+----------------------------+
Enquiries:
+-----------------------------------------------+----------------------------+
| Woburn Energy Plc | Tel: 01189 001350 |
+-----------------------------------------------+----------------------------+
| Dr John Cubitt, Managing Director | www.woburnenergy.com |
+-----------------------------------------------+----------------------------+
| Beaumont Cornish Limited (Nominated Adviser) | Tel: 0207 628 3396 |
+-----------------------------------------------+----------------------------+
| Michael Cornish | |
+-----------------------------------------------+----------------------------+
Definitions
+------------------------+-------------------------------------------------------+
| "Completion" | completion of the Proposals |
| | |
+------------------------+-------------------------------------------------------+
| "First Subscription" | the investment of GBP2,000,000 by Cetus Investment |
| | pursuant to the Subscription Agreement |
+------------------------+-------------------------------------------------------+
| "First Subscription | 200,000,000 new Ordinary Shares to be issued pursuant |
| Shares" | to the First Subscription |
| | |
+------------------------+-------------------------------------------------------+
| "Ordinary Shares" | ordinary shares of 1 penny each in the share capital |
| | of the Company |
+------------------------+-------------------------------------------------------+
| "Orient Petroleum" | Orient Petroleum (UK) Limited |
| | |
+------------------------+-------------------------------------------------------+
| "OPII" | Orient Petroleum International Inc. whose registered |
| | office is located at Morgan & Morgan Building, Pasea |
| | Estate, Road Town, Tortola, British Virgin Islands |
+------------------------+-------------------------------------------------------+
| "Proposed Directors" | Arif Kemal, Hasan Ali Hashwani, Rustom Bejon Kanga |
| | and Kamran Ahmed who will be appointed directors of |
| | the Company conditional on Admission |
+------------------------+-------------------------------------------------------+
| "Zaver Petroleum" | Zaver Petroleum International Inc whose registered |
| | office is located at Morgan & Morgan Building, Pasea |
| | Estate Road Town, Tortola, British Virgin Islands |
+------------------------+-------------------------------------------------------+
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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