Mr Stowell was a founder the company in 2009, has served on the board since then and has been Chairman for 5 years. He retired by rotation at the AGM and did not stand for re-election. Mark desires to focus on his private equity business which has long term investments including Eon NRG Ltd.
The board thanks Mr Stowell for his leadership, mentoring and inspiration during his tenure which has seen the company transition from an exploiter of existing oilfields to its current exploration focussed expansion phase, and acknowledge his continued support as a shareholder of Eon.
Mr McCann has been a member of the board since 2014 and brings a wealth of corporate experience and a deep knowledge of the US oil and gas industry. He has 24 years in the sector in various roles including Chief Executive Officer, Senior Vice President, General Counsel and Corporate Secretary of both public listed (NYSE and TSX) and private companies. Mr McCann was instrumental in growing TransAtlantic Petroleum Ltd from a junior explorer to a significant international oil and gas producer (Market cap >US$1B). Matt brings substantial knowledge and experience in US capital markets, acquisitions and corporate strategy and has a strong track record of building shareholder value. He has an extensive network within the US energy sector across finance and industry and will drive the Company as it moves towards development of its Powder River Basin and other future assets.
Chairman, Matthew McCann said
"As the new Chairman of Eon, my priority is to work with the board and our management team to deliver value for the shareholders.
We have worked hard the past couple of years to develop value-creating opportunities. Now we need to execute effectively on those opportunities. Effective execution will result in value that can be realized by our shareholders."
About EON NRG Ltd
EON NRG Ltd (ASX:E2E) is an USA onshore focused energy exploration and production company. The Company's growth path is through drilling of high impact oil exploration wells, supported by its 100% owned and operated long life oil and gas production assets and associated cashflow. The company also has a battery minerals division with prospective leases in Nevada which are at the early stages of low-cost exploration.