Lenigas steps away from 'Gatwick Gusher' limelight

David Lenigas is stepping down from his position as chairman of UK Oil & Gas (LON:UKOG) and will also leave the company’s board. Current chief executive Stephen Sanderson will become executive chairman and retain his existing duties as well. Lenigas, a vocal exponent of UKOG and the Horse Hill oil discovery, will be retained as a consultant to the company and will now focus on other business interests. "It is my policy to step down from the boards of companies once I believe that they have reached a state of maturity where they require sector-experienced executive management to take over,” Lenigas said in a statement. “I feel confident that this is the right time to hand over the reins to a respected oil executive with high credentials who I believe will continue to drive the company forward." At Horse Hill industry consultants Schlumberger and Nutech have in recent months provided very significant estimates (up to 9bn barrels) of potential oil-in-place at the project which is in the Weald basin. Work is ongoing to understand how much of the ‘in-place’ oil might be recoverable. The estimates have been met with scepticism and a degree of disbelief in some corners of the market. Lenigas, described often as a ‘larger than life’ personality, has via social media publicly clashed with journalists and critics who have questioned the prospects for Horse Hill, the so-called ‘Gatwick Gusher’ . Today, on Twitter, Lenigas told his followers: “Just for 100% complete clarification, it was 100% my choice to retire from UKOG. I planned this for a while. Found a great man in Steve.” Sanderson told investors he is delighted to lead UKOG into what he believes will be “a very exciting and productive future.” He added: "David Lenigas has made a substantial contribution to UKOG's business throughout his tenure, and we wish him success with his other business ventures. “On behalf of the board and all the team, I would like to thank David for his contribution and for his commitment to UKOG and the company's assets in the south of England.”