Changes at UKOG

UK Oil & Gas has announced the appointment of a new chief financial officer.

Matt Gormley is a former group financial controller of the east Africa gold producer, Shanta Gold Limited, and an audit manager at account Grant Thornton.

UKOG said in a statement today the appointment was not a board position.

Chief executive Stephen Sanderson said of Matt Gormley:

“His fresh perspective from an alternate sector will be particularly valuable as UKOG seeks to expand internationally and diversify into green geothermal and hydrogen energy within the UK.”

UKOG also announced board changes to take place in January 2022.

The finance director, Kiran Morzaria, is leaving the board to become a non-executive director. Non-executive chairman, Allen Howard, becomes a part-time executive director, replaced by Nick Marden Taylor.

5 replies »

  1. I guess Sanderson means ‘alternative’ sector. This tends to matter in the UK to some at least. It will be interesting to assess just how “fresh” the new perspective on planetary plundering is!

  2. Black gold!

    Seems to be quite a link-especially at $82/barrel.

    Interesting piece on TV regarding EVs and cobalt last night. Typical sort of “investigation” that ended up conflating the issue. I would suggest it is the uncontrolled mining of cobalt in DRC that is the issue, with the output being sold at a pitiful price to traders-usually Chinese. Perhaps the concentration should be on those traders and who buys from them, rather than the miners who are trying to supply with an audited tracking system? Yes, argue about the audited tracking system, but if there is one to start with it can be improved if required. (I declare an interest in audited tracking systems. In my own experience the only way to go is to only buy from authorized suppliers who are initially audited and that repeated on a regular basis.)

    Silly me, that would destroy the anti capitalism narrative, so pretty unlikely to be seen on UK TV. However, for the kids in DRC I feel it could do more good.

  3. I’m not sure his “perspective from an alternate sector” will bring anything to UKOG. “Shanta Gold Limited, and an audit manager at account Grant Thornton.” would not be high on my hit list for prospective candidates.

  4. Nope, Mike.

    I would also look at the guys ability to do the job rather than the companies he was previously employed by. Hopefully an employer does that, whilst outside commentators can search for some association to try and undermine. Or, maybe employing people has changed since I did it. “Group financial controller” would have been my focus, and then any support documentation show how well that had been done, and whether those skills were transferable. Even when that had all been satisfied, I would expect competition to look for and promote previous “association” to show me I had made the right choice.

  5. i have checked ukog new recruit records at shanta gold.
    he managed too get the share price from 0-£2.50 each.
    i hope for his sake he does a hell of alot,lot better at ukog.

    with there projects share prices should at least get too £100+ each share.
    realistically there share prices should reach £1,000 a share.

    share holders are watching you very,very closely.i hope for your sake you dont fail us!….

    ukog should of employed me.i could take the company too new heights.i would not fail.
    i would make the company into an international,global company where we would earn 100s of billions of dollars.

    OR UKOG IS IT?…….

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