Burisma Holdings announces strategic appointments herald new phase of growth

21 October 2013

Burisma Holdings, Ukraine’s leading independent gas producer, is pleased to announce four key appointments as the Company enters a new period of growth and opportunity.

  • Alan Apter — appointed Non-executive Chairman, bringing extensive oil & gas and financial experience and expertise across Eastern Europe
  • Leonid Petukhov — appointed Chief Executive Officer (CEO), was previously CEO of Geo Alliance for six years and has a background in management consultancy with McKinsey & Company
  • Denis Rudev — appointed Chief Financial Officer (CFO), having previously been CFO and Investment Director of Smart Holding following a career in investment banking at Morgan Stanley and management consulting at McKinsey & Co
  • Andrey Kicha — appointed Chief Legal Officer, bringing extensive commercial law expertise both in private practice and working for the Kyiv Economic Court

In his role as Non-executive Chairman of Burisma, Alan Apter will be focused on developing the Company’s international presence, exploring new opportunities as well as integrating best practice in corporate governance standards.

The appointments coincide with an important period of growth for Burisma. The Company is seeking to accelerate the development of its position as one of the leading independent gas producers in Ukraine, through a step change in the expansion of its operations and further improvement of its operational efficiencies.

Burisma has a very strong reserve base – as audited by independent consultant DeGolyer & MacNaughton in August 2012 and in July 2013 – that will enable the company to at least double its current average daily production of 10.5 ths BOEPD within two years. The Company is unique in the way it has successfully applied cutting-edge technology in Ukraine, and now has an unrivalled record of successful drilling in the country.

The Company’s licences are well-diversified across the country’s three key hydrocarbon basins. The reserve and resource base is easily accessible due to the favourable location of these assets, keeping the cost of production relatively efficient. Burisma has an extensive reserve base, providing significant near-term potential for value accretion.

“I joined Burisma as I see a company with very significant near term potential located in an area of the world that is of huge interest to me. The team is second to none and the Company has one of the strongest asset bases in a country and market that is energy hungry and increasingly looking to secure its future energy supplies from the domestic market. I am very much looking forward to working with Leonid, Denis, Andrey and their team to help realise these opportunities.”

Alan Apter, Non-executive Chairman of Burisma

“The last five years have been a time of extraordinary growth for Burisma. We have strong ambitions through further ramping up gas production from existing assets. We also intend to explore new opportunities and diversify our business into other areas such as shale and offshore gas.

The appointment of Alan and Denis brings extensive experience and skills to Burisma that will contribute to the Company achieving these goals. I look forward to working with Alan, Denis, Andrey and future members who will be strengthening our board still further over the coming months as Burisma enters a new period of growth and opportunity.”

Leonid Petukhov, CEO of Burisma Holdings

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