Genel has this morning announced that it has respositioned the role of COO which is now split into ‘pre-production’ and ‘on-production ‘ business lines. It announces th e appointment of Mike Adams as Technical Director and PDMR with immediate effect and also V. K. Gupta as head of HSE and Risk Management. In addition, Mike joins the Executive Committee and will report to Bill Higgs, CEO.
With Genel expanding and growing in a number of areas I think that the market should expect to see further such increases in capability at the company. They make it clear that Mike was integral in bringing in both Sarta and Qara Dagh into the portfolio and it will be his team that work with Chevron to optimise the development of these assets. Given that these assets already look like being exceptional for a Genel it is not surprising that he will be involved in further ‘value enhancing’ acquisitions. Along with VK who has led the development of the safety culture at Genel the board is moving fast to ensure that its world class asset base and recent acquisitions are building for bigger and better things. The shares are well too cheap and should be considered for long term appreciation.
I’m on the move a lot this week so I know that a number of announcements have yet to be covered I hope that tomorrow I can do some catching up, apologies!