Andy Lydyard has extensive knowledge of the Pathfinder field given his proven track record of delivering significant daily oil production here. From 2008 to 2014 he was president and CEO of
With a degree in geology, business training (mini MBA) and considerable technical capability, Mr Lydyard commenced his career in 1981 as a geologist for
Mr Lydyard will be instrumental in developing a robust and ongoing field development program for Pathfinder, focused on extracting maximum production from existing wells, drilling newly permitted wells, permitting new targets and assisting with monetising the field's large gas resource. All activity in the short to medium term will focus on lower cost, shallower Pierre formation wells based on seismic interpretation.
Andy Lydyard commented: 'Pathfinder is an excellent oil & gas property and I am pleased to lend my expertise to achieve production growth. I have a long history with the asset, I recognise its potential and I am looking forward to building sustainable production and delivering some tangible outcomes for FPL's shareholders.
'My first priority is to work closely with Ms.
'Our strategy is very straightforward - repeat the production success we achieved at
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DISCLAIMER: This announcement contains or may contain 'forward looking statements' within the meaning of Section 27A of the Securities Act of1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be 'forward looking statements.' Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as 'expects', 'will,' 'anticipates,' 'estimates,' 'believes,' or statements indicating certain actions 'may,' 'could,' or 'might' occur. Oil production rates fluctuate over time due to reservoir pressures, depletion or down time for maintenance. The Company does not represent that quoted production rates will continue indefinitely.
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