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VSA Capital Market Movers - LGO Energy PLC

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LGO Energy (LON:LGO)

LGO Energy (LGO)# has announced that Leo Koot will be appointed as its Executive Chairman effective immediately, with Neil Ritson stepping down from his role of Chairman and CEO.

We see this as a particularly positive appointment by LGO when considering the calibre of Leo’s track record. Leo has over 28 years of industry experience and he brings both financial and technical experience to LGO.

His experience in the industry includes his role as Managing Partner of MENA Gulf Investment Partners (Abu Dhabi), President of Abu Dhabi National Energy Company (TAQA) and Managing Director of TAQA UK where he built the organisation from a few people to over 2,000 staff and contractors and delivered a mature E&P operating company that managed 60,000 barrels/day production with US$1.7 billion in annual revenues.

Leo has also held roles as a board member at AIM listed Sterling Energy (SEY LN) and as CEO of Energy Development Partners, an oil and gas business creating ways to match capital and resources with developing production. In this role he helped raise a US$350 million private equity fund.

LGO has also announced its intention to change the company’s name to Columbus Energy Resources by the end of this month.

Following this news, we maintain our BUY recommendation and keep our TP under review whilst we await an update of the new management’s plans going forward.


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