New CEO for PICO International Petroleum and Cheiron Petroleum Corporation

Ian Hewitt has stepped down as Interim CEO after successfully leading a substantial turnaround of the E&P business delivering significant production, reserves and NPV add.

In response to low commodity prices the shareholders asked Ian to step in in early 2016 to improve the robustness and resilience of the business.

Restructuring activities over the past 14 months have included changes to the Board and Governance processes in the Company, along with planning and organisational improvements designed to enhance performance. The Company’s portfolio has also been strengthened and diversified with Concession Agreement extensions and the addition of new assets in the Western Desert and Mediterranean Sea.

To take the Company forward to the next phase of its evolution, we are delighted that Dave Thomas, a seasoned oil and gas industry professional with over 35 years’ experience in the sector, has agreed to take over as CEO effective 1st April. Ian will stay on the Board as Senior Independent Director.