Appointment of Chief Financial Officer
21 August 2013
Soma Oil & Gas Exploration Limited, a company founded to pursue oil and gas exploration opportunities in Somalia, announces the appointment of Philip Wolfe as Chief Financial Officer (CFO) with effect from16 September 2013.
Philip has over 20 years experience in corporate finance advising oil & gas companies with a particular focus on the E&P sector. Philip joins from UBS Investment Bank where he was Managing Director, Head of Oil & Gas, EMEA. Prior to this he was Global Head of Oil & Gas at HSBC and previously worked within the Oil & Gas teams at both Deutsche Bank and Merrill Lynch.
Philip has significant emerging market experience and a recent track record of advising clients with operations in East Africa on transactions including the 1.2bn acquisition of Cove Energy by PTTEP, the C$232.5m equity raise for Africa Oil and the $2.5bn sale of Videocon’s 10% stake in Offshore Rovuma Area 1 to ONGC Videsh and OIL. During his corporate finance career Philip has advised on significant transactions involving major oil & gas companies, including BP, Shell, Total, Eni and Chevron, as well as National Operational Companies including Saudi Aramco, PetroChina, Sinopec, PTTEP, Galp Energia and MOL. He has also advised and financed a number of independent E&Ps including Tullow Oil, Dragon Oil, Premier Oil and Energy Africa.
Philips appointment follows the Companys announcement that it has signed an agreement with the Government of the Federal Republic of Somalia to assist in the development of the countrys hydrocarbons sector, which is located in the highly prospective East Africa region.
The appointment comes ahead of plans to secure additional funding for the agreed work programme.
Robert Sheppard, CEO of Soma Oil & Gas, said:
We are delighted that Philip has agreed to join Soma Oil & Gas. He brings with him an impressive track record across the oil & gas sector and I have no doubt his wealth of skills and experience as well as proven ability in raising equity will add significant value to Soma as we continue to work side by side with the Somali Government to help develop the oil & gas sector in Somalia.
Philip Wolfe, CFO of Soma Oil & Gas, said:
I look forward to joining Soma Oil & Gas. After spending 23 years in corporate finance advising oil & gas companies, joining a company with plans to carry out exploration work in such a highly prospective region in East Africa, is an extremely exciting opportunity.”
The most recent world class oil & gas discoveries in East Africa in Uganda, Kenya, Mozambique and Tanzania, have attracted many investors to this frontier market.
Notes to Editors
|For further information please contact:|
|FTI ConsultingBen Brewerton, Oliver Winters, Sara Powell||+44 (0)20 7269 7183|
Soma Oil & Gas was founded earlier this year expressly with a view to exploring in Somalia. Chief Executive, Robert Sheppard, a former senior executive of BP, Amoco and Sidanco, with over 40 years experience in the industry, joined the Company in May. Lord Howard of Lympne, former British Home Secretary and Leader of the Conservative Party, is the Companys Chairman.