ADM Energy, an oil and gas investing company quoted on AIM, has appointed Shaikh Ahmed Bin Dalmook Al Maktoum as the president of ADM Energy in a non-board role. In a press relase announcing the appointment, the company noted that Al Maktoum will help by leveraging his network and bringing in new opportunities and contacts.
“I am delighted to become President of ADM Energy. Since investing in the company, my conviction has only strengthened regarding the potential value of the opportunity," Al Maktoum said. “The company’s strategy is to grow and to create a larger, balanced portfolio of projects in line with its investing strategy. We will aim to leverage our extensive contacts to identify investment opportunities in undervalued production and near-production assets, primarily in Africa. I am confident we can add significant value to ADM Energy for the benefit of all stakeholders.”
Stefan Olivier has informed the board of his intention to step down as CEO. Olivier will remain with the company until a new chairman is appointed to oversee handover, and Richard Carter, current non-executive chairman, will work as interim chief executive officer.The company intends, in due course, to recruit into key executive management positions and appoint further independent non-executive directors. As noted in the announcement of 15 April 2019, Shaikh Ahmed Bin Dalmook Al Maktoum also has the right to appoint one person to the board of directors, subject to requisite regulatory approval and process.
"We believe ADM Energy has an exciting future," said Carter. "The appointment of His Highness Shaikh Ahmed Bin Dalmook Al Maktoum as President demonstrates His Highness’s personal commitment to this Company. We enter this new chapter focused on capturing what we believe to be a significant opportunity to grow the business and create value for shareholders."