FOR IMMEDIATE RELEASE 10 March 2020
CAIRN ENERGY PLC ("Cairn" or "the Company")
Cairn is pleased to announce the appointment of Erik B. Daugbjerg as an independent non-executive director with effect from 14 May 2020. Following this appointment, Todd Hunt will retire as a non-executive director immediately following the Company's Annual General Meeting (AGM) on 14 May 2020.
Erik B. Daugbjerg
Erik holds a Bachelor's degree in Business Administration from Southern Methodist University, Dallas and has built up over 20 years' experience in both midstream and upstream oil and gas sectors in the US including founding roles at two oil and gas operators based in the Permian Basin.
In 2006, Erik co-founded Pecos Operating Company, and in 2010, co-founded RSP Permian, Inc.* in which role he helped manage more than $4 billion of acquisitions and nearly $6 billion of financings, while also growing the production base from 1,500 boe/d to 80,000 boe/d in less than seven years. Erik has extensive public markets experience, including delivery of acquisitions and disposals, and played an integral role in the disposal of RSP Permian to Concho Resources, Inc in July 2018 for $9.5 billion.
Erik was appointed to the board of Kimbell Royalty Partners* in 2018 (becoming a member of its Audit, Conflicts and Compensation Committees) and is highly active in various industry and charitable organisations.
*New York Stock Exchange (NYSE) listed public companies (RSP Permian, Inc. is no longer listed, and Kimbell Royalty Partners is currently listed with symbol NYSE: KRP)
Retirement of Todd Hunt
Following the appointment of Erik Daugbjerg to succeed our longest serving non-executive director, Todd Hunt, the Company confirms that Mr Hunt will not seek re-election at the AGM to be held on 14 May 2020 and, as such, will retire as a non-executive immediately following the AGM.
Ian Tyler, Chairman of Cairn, said:
"I am delighted to welcome Erik Daugbjerg to the Cairn Board. Erik's many years of experience in the oil and gas industry, together with a strong background in business development and corporate transactions will be an important asset to the Board. We look forward to working with Erik as the Company continues to deliver on its strategic objectives.
On behalf of the Board, I would also like to thank Todd Hunt for his valuable contribution as a non-executive director over a number of years."
1. Erik Daugbjerg does not currently hold any Cairn shares and no further information in connection with his appointment is required to be disclosed pursuant to Listing Rule 9.6.13R.
2. The fees payable to Erik Daugbjerg in his role as non-executive director are currently £75,500 per annum. The fees payable to Cairn's non-executive directors are reviewed on an annual basis.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact firstname.lastname@example.org or visit www.rns.com.