New Chairman appointed in Core Energy

1. August 2011

The oil company Core Energy announces the appointment of Inge Hansen as new Chairman of the Board of Directors.
Hansen, age 65, has a broad and relevant background from Norwegian financial markets and the industry. He has previously held the position as CFO and acting CEO of Statoil and CEO of Aker Kværner, and currently holds several significant board positions, including being the Chairman of the board in Gjensidige and Director of the board of Norsk Hydro.

Inge Hansen will take over the Chair position from Tim Bushell, who is one of the founders of Core Energy. Tim, who is the CEO of Falkland Oil & Gas, will remain Director of the board of Core Energy and continue as advisor to the company.

The other Directors of the board in Core Energy are Harald Vabø and Svein Arild Killingland, both partners of the equity sponsor HitecVision.

“We are very happy with the appointment of a significant resource as Inge Hansen as Chairman of the board of the company. He will undoubtedly be a strong supplement and in combination with the other Directors we will have a board with highly relevant experience and background to contribute and support our growth ambitions” says Jan Harald Solstad, the CEO of Core Energy.

Core Energy was established in November 2010 and completed the first acquisitions on the Norwegian Continental Shelf last week. The company has acquired a 12.3% stake in the Brage field and a 17.5% stake in the Hyme development project from Noreco. In addition, the company has an agreement to acquire a 1.04% stake in the Snorre field from Hess which is expected to complete in August. The company expects a daily production of approx. 4,000 barrels of oil equivalents this year, with a potential to increase to approx. 6,000 barrels per day when the Hyme field is expected to come onstream in 2013. The ambitions of Core Energy is to build a diversified portfolio of producing fields with associated growth potential though near-field development projects and exploration acreage. Core Energy is financed through equity from HitecVision. In addition, the company has during the summer secured debt facilities totaling USD 150 million.

Inge Hansen comments that he has great faith in the business model of the company; “There is significant potential for value creation in existing fields on the Norwegian Continental Shelf, but it will require strong technical and commercial skills and good access to funds. Core Energy already has a strong organization in place and significant access to funds from HitecVision and through the debt facilities. The company is well on its way with the first asset acquisitions and I look forward to the challenge of being the chairman of this competent and ambitious company.

Contact details

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Rosenkrantzgate 16, N-0160

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