By John Lee.
Canadian oil development and exploration company ShaMaran Petroleum has announced the appointment of Garrett Soden as President and Chief Executive Officer (CEO), to replace Dr. Adel Chaouch effective immediately.
Mr. Soden will also join ShaMaran's board of directors.
According to a statement from the company, Mr Soden has extensive experience as a senior executive and board member of various public companies in the natural resources sector. He is currently President and CEO of Africa Energy Corp. and has a long history with the Lundin Group of companies. Mr. Soden is also a Non-Executive Director of Gulf Keystone Petroleum Ltd (GKP) and Panoro Energy ASA. He will remain President and CEO of Africa Energy Corp. for a transition period.
Dr. Chaouch has elected to step down as President and CEO of ShaMaran to focus on other endeavors as of May 15, 2023. He will not seek reelection to the Board of Directors.
Chris Bruijnzeels, Chairman of the Board of ShaMaran, commented:
"The board and I are pleased to welcome Garrett Soden as President and CEO. Garrett has the necessary experience to continue to grow ShaMaran, and we look forward to working with him. I would like to thank Dr. Chaouch for his instrumental role in the successful strategic transformation of the company and specifically for the successful acquisition of TotalEnergies' interest in Sarsang."
ShaMaran has granted incentive stock options to Mr. Soden to acquire 20,000,000 shares of the Company at an exercise price of CAD$0.065 per share. The options will have a five-year term and vest fully after two years.
ShaMaran holds a 27.6-percent working interest, through its wholly-owned subsidiary General Exploration Partners, Inc., in the Atrush Block in Iraqi Kurdistan, and an 18-percent interest (22.5 percent paying interest) through its wholly-owned subsidiary ShaMaran Sarsang A/S in the Sarsang Block.
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