Deltic Energy is being positioned for growth through a management change and a focus on opportunities outside the UK North Sea

October 15, 2024 06:13 PM AEDT | By Team Kalkine Media

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Deltic Energy is being positioned for growth through a management change and a focus on opportunities outside the UK North Sea — Image source: Shutterstock

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Highlights:

Deltic Energy PLC announces the immediate resignation of CEO Graham Swindells, effective immediately, with Andrew Nunn, the current COO, appointed as his successor.
Under Swindells’ leadership, Deltic transformed into a company recognized for its strong portfolio of licenses and partnerships in UK exploration.
Nunn, with over 25 years of experience, aims to focus on identifying new opportunities that provide immediate cash flow while continuing high-impact exploration projects.

Deltic Energy PLC (LSE:DELT) has officially announced the immediate resignation of Graham Swindells from his position as chief executive officer. Swindells, who has led the company since 2015, will be succeeded by Andrew Nunn, currently serving as the chief operating officer.

Mark Lappin, chair of Deltic, expressed gratitude for Swindells' dedication and contributions over his 11-year tenure, highlighting the transformation of Deltic into a company with an attractive portfolio of licenses and partnerships, positioning it as a leader in UK exploration. Lappin also confirmed Nunn's appointment, citing his extensive experience, knowledge, and commercial acumen as vital attributes for advancing the business.

Nunn has been with Deltic since 2014 and brings over 25 years of experience in exploration projects across Europe, Africa, and Australasia. In his role as COO, he was instrumental in developing the company’s exploration portfolio and securing partnerships with reputable organizations. He played a key role in the successful Pensacola discovery, with ongoing drilling operations at Selene continuing to show promise.

Reflecting on his time with Deltic, Swindells acknowledged the challenges presented by the UK's political and fiscal landscape but expressed pride in the achievements made under his leadership. He endorsed Nunn as well-equipped to lead the company into its next phase.

In his new role, Nunn recognized the hurdles faced by Deltic but also highlighted significant successes achieved under Swindells, particularly the Pensacola discovery. He emphasized the importance of identifying new opportunities that deliver immediate cash flow while maintaining a commitment to high-impact exploration projects.

Nunn indicated plans to announce measures aimed at reducing overhead costs, stating that the focus will be on finding opportunities that yield immediate benefits while also nurturing the company’s long-term exploration goals. This strategic dual focus aims to leverage Deltic's established reputation and credibility in the energy sector to enhance value for shareholders.

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