Sub-Sahara Africa focused oil and gas exploration company Erin Energy Corporation has appointed Christopher J. Hearne as Senior Vice President and CFO beginning June 1, 2015. Earl McNiel , the Company’s current CFO, will resign to pursue other interests effective May 31, 2015.
Mr. Hearne, 49, will join the Company from Serica Energy Plc, a publicly traded independent exploration and production company listed on the Alternative Investment Market in London where he has served as CFO and member of the Board since 2005.
Serica’s oil and gas assets are currently located in the UK’s North Sea, East Irish Sea and Atlantic margin and in Morocco and Namibia. At Serica, Mr. Hearne was initially tasked with preparing Serica for its successful initial public offering in London. Mr. Hearne contributed to Serica’s rapid growth to a company with a significant portfolio of assets in eight countries and successfully raised financing through capital markets and commercial lending transactions, asset sales and farmouts.
Prior to joining Serica in 2005, Mr. Hearne was responsible for corporate finance at Intrepid Energy Plc from 1996 through 2004, where he contributed to the company’s growth from start-up to its sale for over US$1 billion.
Prior to Intrepid, Mr. Hearne worked as an investment banker with Lehman Brothers International and Robert Fleming & Co.
Former CFO McNiel has agreed to remain as a consultant to the Company to assist with the transition of duties to Mr. Hearne. Mr. McNiel’s departure is not related to any issues regarding financial disclosures, accounting or legal matters.
“We appreciate Earl’s hard work and his contributions to our efforts, and we wish him all the best in his future endeavors. We are excited to bring Chris on board and welcome him to the team. With his wealth of experience in corporate finance and capital markets in North America and the UK, we believe he will be a great addition to our company,” Kase Lawal , commented Chairman and CEO of Erin Energy.
In Kenya the company holds various licences and the single largest acreage by any single explorer. Erin was awarded 4 Production Sharing Contracts in the Lamu Basin of Kenya for a combined acreage of 36,913 km2. Block L1B is onshore, block L16 is along the coast and is partly onshore and partly offshore in shallow water. Blocks L27 and L28 are located offshore in the ultradeep water of the Indian Ocean.