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Cabot Energy sees boardroom changes as High Power team take control

Published: 07:59 18 Jun 2018 BST

oil well
High Power uses electricity to stimulate production

Canada-focused oil group Cabot Energy PLC (LON:CAB) has seen a boardroom reshuffle with Keith Bush, chief executive, and Nicholas Morgan, finance director, stepping down.

Scott Aitken, currently the chief executive of Cabot’s 58% majority shareholder, High Power Petroleum, is to become CEO, while non-exec Petro Mychalkiw will become chief financial officer.

READ: High Power Petroleum's technology in the spotlight after Cabot revival

Another non-exec and High Power co-founder Campbell Airlie will become chief technical officer and Paul Lafferty will remain the president of Canadian subsidiary Cabot Energy Inc.

Chairman Jonathan Murphy and Senior Independent Director Iain Lanaghan are retiring from Cabot and will be replaced with two independent non-execs.

Aitken founded High Power Petroleum with Airlie and Mychalkiw in 2015 as the oil exploration and production subsidiary of pulse-power technology developer, I-Pulse.

"We believe Cabot Energy has a bright future ahead and we are looking forward to the challenge of transforming the Company into a world-class enterprise,” he said.

Under the terms of a previous agreement, Cabot’s board must have a majority of directors who are unconnected with High Power so Aitken will not be a director.

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