Rockhopper CFO to resign over role in another company

Oil and gas company Rockhopper Exploration’s current Executive Director and Chief Financial Officer (CFO) has announced his intention to resign from his roles in the company.

Rockhopper reported on Monday that Stewart MacDonald had informed the board of his intention to step down from his role as Executive Director and CFO to take up a senior leadership role with another company with effect from 31 January 2022.

Prior to joining the company in March 2014, MacDonald was a Director in Rothschild’s global oil and gas group and spent 12 years advising clients in the sector on a range of transactions as well as debt and equity financings.

Samuel Moody, Rockhopper’s CEO, remarked: “I would like to thank Stewart for all of his hard work since he joined the Board in 2014.  He leaves us having agreed what we believe is a positive and exciting framework with Navitas that sees us fully aligned and committed to bringing Sea Lion to production.”

According to Rockhopper, William Perry, the firm’s Financial Controller since 2011, will lead the company’s finance function following MacDonald’s departure. Although, there are no plans for him to join the board in the immediate future, based on the firm’s latest announcement.

Stewart MacDonald, Rockhopper’s CFO, commented: “I have very much enjoyed my near eight years as Rockhopper’s CFO but have decided that the time is right for me to take on a new role. I will leave the company with the Sea Lion project entering a new chapter with the proposed farm-out to Navitas. Navitas brings significant, proven capital raising expertise and, through the proposed farm-in, they will take primary responsibility for financing the Sea Lion project going forward.”

To remind, Rockhopper, Harbour Energy, and Navitas Petroleum signed a detailed heads of terms agreement last week, allowing Harbour a clean exit from the Sea Lion project in the Falkland Islands, while enabling a farm-in for Navitas.