DEO is pleased to announce the appointment of Michael Cooper as Vice President, Exploration & Subsurface. Mr Cooper has extensive North Sea experience with EnQuest PLC, ORYX Energy Company, Inc, Kerr McGee Corporation and BP Amoco and has also worked at the Department of Energy and Climate Change (“DECC”). In addition, he is a former PESGB Director, Devex Chairman and cofounder of Prospect Fair. The Board believes that Mr Cooper’s appointment will significantly enhance the Company’s subsurface capability and expertise; both in developing the Core Perth Assets and further appraisal opportunities in the overall Perth area.
Operational update
The budget for the field development plan (“FDP”) work programme has now been approved by the new Perth licence group, which includes Faroe Petroleum plc whose involvement is subject only to execution of agreed legal documentation, as announced by the Company on 14 January 2011. In addition, the Board expects to meet its original target of submitting an FDP application approval to DECC by 30 September 2011. DEO continues to evaluate a number of complementary opportunities within close proximity to the Perth acreage which could enhance the Perth development plan and other suitable subsea tieback opportunities in the Central North Sea.
David Marshall , CEO of DEO, commented: “ We are delighted to welcome Michael on board. He brings with him a wealth of experience and we look forward to working with him to develop our core Perth assets as well as appraise other opportunities in the area. We are also very pleased that the FDP budget for Perth has been approved by the licence group and that we are on track to deliver the FDP for approval to DECC by the end of Septembe r”
DEO Petroleum is an Aberdeen based company whose strategy is to invest in North Sea oil development and production projects with the potential to generate high value returns for shareholders. DEO’s ambition is to be a leading independent energy company within the UK Continental Shelf sector with a reputation for technical and commercial innovation and dynamic project delivery. DEO has a highly experienced management team who will seek, within its asset portfolio, to design creative development solutions particularly where there are technical and/or other challenges, to execute the project delivery of that solution, and to operate throughout the development and production phase of the asset’s life-cycle.
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Source: deo-petroleum ,February 22, 2011;