Tullow Oil plc has appointed four independent non-executive directors, following its refinancing transaction and subject to shareholder approval.
DIRECTORS
On 20 February, the company entered into a binding lock-up agreement with holders of approximately 66% of its $1,285,245,000 10.25% senior secured notes due in May 2026, and with Glencore Energy UK Ltd.
The deal releases Tullow’s senior secured notes and issues new extended notes with a maturity increased by over two years to November 2028.
Glencore’s existing $400 million secured notes facility are also released and new Glencore junior notes issued, maturing 15 May 2030.
The new NEDs include investment professional Henry Steel whose experience covers corporate finance, listed equities and natural resources investing.
He co-founded and is chief investment officer of Globe12, before which he spent eight years at Odey Asset Management where he was a fund manager for the natural resources fund.
Mr Steel originally worked for Rio Tinto where he became a special adviser focusing on mergers and acquisitions, strategy and project finance. His appointment is effective from 8 April 2026.
The appointment of the remaining three NEDs is conditional on the successful completion of Tullow’s refinancing transaction, expected to close 24 April. Each NED is anticipated to start in their post on 1 May 2026.
Garrett Soden is president and chief executive officer of Canadian company ShaMaran Petroleum Corp., focused on the Kurdistan region of Iraq.
He has worked with the Lundin Group for almost 20 years and is an experienced senior executive and board member of public companies in the natural resources sector, including M&A, turnarounds and restructurings.
Mr Soden previously served as chairman, president and CEO of Africa Energy Corp. and has also been a NED with oil and gas companies focused on Africa or listed in London, including Panoro Energy, Gulf Keystone Petroleum and Phoenix Global Resources.
Euan Shirlaw is CEO of BlueNord ASA, having previously been the company’s chief financial officer.
Before joining BlueNord, he spent more than a decade in oil and gas investment banking, advising on M&A and financing transactions at Rothschild, RBC Capital Markets, Credit Suisse and BMO Capital Markets.
James Peterkin, who is currently CEO of Kirk Lovegrove & Co Ltd, has more than 30 years’ experience in oil and gas investment banking, with cross-border expertise.
He previously head of EMEA energy investment banking at Credit Suisse International where he was also vice chairman of the European Investment Banking Committee.
Before joining Credit Suisse, Mr Peterkin was co-head of EMEA oil and gas at Barclays, after having held senior positions at Citigroup and Schroders Investment Banking.
Tullow said that, following the appointments, Mr Steel will become independent senior director.
Tullow’s assets are located in the Jubilee and TEN fields, offshore Ghana, along with a non-operated interest in the Espoir field, Côte d’Ivoire and decommissioning in the UK North Sea.