Eland Oil & Gas makes board changes

Eland Oil & Gas PLC (AIM: ELA), which operates in West Africa with a principal focus on Nigeria, has made several changes to its board of directors.

Effective Dec. 31, 2015, Henry “Harry” Wilson retired from his role as chairman of the company. Wilson has been chairman since its successful flotation in 2012 and was one of the founders. Also, Robert “Bob” Lambert retired as non-executive director of the company.

Additionally, Eland appointed Grégory Stoupnitzky to the board as a non-executive director. He has more than 25 years of investment banking experience in the natural resources and related sectors. 

Eland’s board also announced that Russell Harvey will be assuming the position of non-executive chairman of the company. Harvey has been a non-executive director of the company since its admission on AIM in 2012.

Following the departure of Wilson and Lambert from the board and the appointment of Stoupnitzky, the committee structures will be revised as follows. Stoupnitzky will be appointed to the Nomination and Audit committees. The Audit committee will remain chaired by Henry Turcan, with Harvey assuming the chairmanship of the Reserves and Nomination committee while retaining his current chairmanship of the Remuneration committee.

In addition to his appointment as a director of the company, Stoupnitzky holds, or has held within the last five years, the following directorships or partnerships: (current) CIS Capital LLC, Graduate School of International and Public Affairs, Columbia University; (within the last five years) Azonto Petroleum Ltd., Rialto Energy Ltd., Pace Financial Services, and Vioco Petroleum Ltd., as well as the Center for Energy, Marine Transportation and Public Policy, Columbia University.

Stoupnitzky held senior positions with Bear Stearns and Morgan Stanley and, more recently, he worked with CIS Capital and Renaissance Capital providing advisory services to small companies and institutions involved with oil and gas in geographies including Sub-Saharan Africa. Gregory has a Bachelor of Arts degree, along with a Master of Arts degree, from Columbia University.

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