Leni Gas & Oil PLC (LON:LGO) said it has appointed Neil Ritson as chief executive officer with immediate effect.
Ritson has extensive experience in the energy sector with a distinguished record of delivery in exploration technology, exploration discoveries, major construction projects and in M&A transactions.
Ritson worked 23 years with BP PLC (LON:BP) where he held roles as international chief geophysicist and strategic business unit manager in both Norway and Alaska. In 1999 he was appointed to run the Burlington Resources Inc businesses in North Africa before becoming Vice President UK in 2001 and VP International in 2003.
He founded an energy sector consultancy business in 2004 before being recruited as CEO of Regal Petroleum PLC (LON:RPT)in July 2006. He resigned from Regal in late 2007 and founded Vanguard Energy. He is also a director of PetroEnergy Limited and Enovation Resources Ltd and the chairman of trustees of the Kensington Symphony Orchestra.
Chairman David Lenigas said: "I am delighted to welcome Neil to the board of LGO as the company reaches a significant point in its growth including the development of its Spanish assets in partnership with a number of major companies in the sector. The appointment of Neil as CEO brings a wealth of experience and a track record which will greatly enhance our ability to grow production and develop the company's portfolio.
Earlier this week, LGO raised £5.5 million, with the issue of 183 million new shares at 3 pence each.
The new capital will be used to accelerate the development of its oil assets in Spain, the Gulf of Mexico and Trinidad.
LGO specifically targets near term production with upside exploitation potential.
It has a low risk portfolio of production expansion assets in the US Gulf of Mexico, Spain, Trinidad, as well as interests in Malta.
In a recent investment report, Edison Investment Research said that LGO has the potential to transform itself into a mid-tier E&P player.
Edison said it considers LGO to be a ‘development and rehabilitation’ specialist and that it has a ‘large resource base’ given its junior status.