Fairfield Energy has completed an in-depth strategic review over the last few months, resulting in the development of a focused and robust business plan which will drive value accretion in its exciting North Sea asset base.

This has been approved by Fairfield's current shareholders, who have agreed in principle that up to an additional US$150m will be funded into Fairfield to realise the potential value of the Company's current asset base, and to successfully position Fairfield for future growth opportunities.

In order to ensure Fairfield has the appropriate and broad skill-set to fully capture its significant upside, the Company today also announces a number of changes to its Board and Executive team, which take place with immediate effect.

Ron Emerson, formerly Senior Independent Director, is appointed Chairman. Chris Wright, formerly Chairman, is appointed Chief Executive Officer. Ian Sharp, Chief Operating Officer is appointed to the Board of Directors. Iain Macdonald continues as an Executive Director, and Chief Financial Officer.

Mark McAllister, on resigning from his role as CEO, leaves the Board of Directors. Given his pivotal involvement in the development of Fairfield Energy, he will remain as an advisor to the company on decommissioning issues. He will continue his highly respected work within the sector, including on industry and Government relations.

Commenting on today's announcement, Ron Emerson, Chairman, said, 'Having conducted a thorough review of Fairfield over a number of months, we are very confident that we now have in place an appropriate and robust business plan. Thanks to the continuing support of our shareholders, who recognise the strength of our business and its clear potential, we also now have the appropriate balance sheet. With a number of changes at Board level, we are also ensuring that we have the right team in place to execute this next stage of the plan.'

'On behalf of everyone at Fairfield I would like to thank Mark McAllister for his unswerving commitment to the business and hard work over the last five years. He has played a critical role in making Fairfield what it is today and we look forward to his ongoing contribution to the company, and to the industry in general.'

Tags: Fairfield Energy Ltd