Europa Oil & Gas (AIM: EOG) has appointed Bill Adamson OBE as the company’s new non-executive chairman, with effect from 7 April 2010. The company said that Adamson has had a longstanding career in the energy industry with BG Group (LSE: BG), managing all aspects of large gas businesses including CNG, power generation, joint venture management, corporate governance and risk and safety management.
"I am delighted to welcome Bill to Europa. He has exceptional experience which will be of huge benefit to the company as we move forward on developing our assets in UK, Romania and France”, Europa MD Paul Barrett. “It is a measure of the potential of those assets that we have been able to attract someone of Bill's stature to Europa”.
Adamson was the chairman and CEO of MetroGas SA, vice president and general manager of BG's UK Downstream business and most recently MD of BG India - where he managed a portfolio of Upstream and Downstream businesses.
Europa has granted Adamson 250,000 options over the company’s ordinary shares, the options have an exercise price of 14p and a 10 year life. He is entitled to a further 250,000 options in the fourth quarter of 2011 at the market price at the date of issue.
In its Morning Report, Broker Astaire Securities said the company has a diverse portfolio of assets in the UK, Romania and France, and is aiming to materially expand an existing production base through the course of this year. "We will be formally initiating on Europa shortly," it added.
Disclosure: The author holds no positions in the company