Nu-Oil and Gas plc announced the appointment of Graham Scotton as Executive Chairman of the company, with effect from 28 January 2019. Graham will replace Alan Minty, who has stepped down from the role of Executive Chairman and as a Director of the Company with immediate effect. Frank Jackson has been appointed as Acting Chairman until Graham takes up his position.

Graham has wide-ranging experience in technical, operational, planning, commercial and management roles, having worked for BP for over 30 years during which he spent time in the UK, Norway and Latin America before spells as head of operations in Azerbaijan and the Americas and general manager in Egypt and Angola. In addition, Dr. Alison Pegram, the current Managing Director ("MD") of MFDevCo, is appointed as a Director of the Company, with effect from 28 January 2019. As well as fulfilling the role of MD of MFDevCo since its inception, Alison has a detailed understanding of the Company's other assets and activities, having worked with the oil and gas industry in Newfoundland for over 20 years and as CEO of Enegi Oil Inc., the Company's Canadian subsidiary, for the last 8 years, a role which she will continue to undertake.

As part of this Board and management restructuring and to ensure greater integration of the business, Dr. Alison Pegram and Damian Minty have been appointed as Joint Managing Directors of the Company with effect from 28 January 2019; Damian Minty will retain his responsibilities as CFO. Alison and Damian will work closely together, and with the wider Board, in implementing the Company's strategy to acquire a portfolio of field or royalty interests in oil and gas projects worldwide where it feels it can deliver a significant cost transformation through the application of appropriate technical solutions and commercial structures. As part of the management restructuring, the company also announced that Nigel Burton will be stepping down as CEO with immediate effect.

Alan Minty and Nigel Burton will no longer seek re-election to the Board, accordingly Ordinary Resolutions 4 and 5 will no longer be presented at the Company's AGM on 25 January 2019. The Board of MFDevCo now consists of Alan Minty as Chairman, Graham Scotton, Dr. Alison Pegram, Mike Bowman, Einar Antonsen and Peter Coward.