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Independent Oil and Gas Appointed a Chief Operating Officer

By News & Media

(Feb. 8, 2021) Independent Oil and Gas (IOG), and oil and gas company focused on the UK North Sea, has has appointed David Gibson as its new Chief Operating Officer.

“David has extensive relevant North Sea engineering and project management experience over a near 30-year energy industry career, culminating in a number of executive management positions over the past decade,” IOG said.

Having started his industry career at Foster Wheeler Wood Group and Amec, he spent 15 years at Marathon Oil UK Ltd before moving to TAQA Bratani, where he was Technical Director until 2019.

Most recently he was with Ithaca Energy, where he led the integration of the North Sea assets acquired for $2 billion from Chevron and subsequently was appointed Assets Director.

“David’s appointment as COO, which is not initially intended to be a board position, follows an extensive and thorough search process managed by a leading sector-focused executive search firm, Preng & Associates, which covered a diverse range of candidates. It also enables Rupert Newall to step back from his Interim Project Director role and continue in his permanent role as Chief Financial Officer,” IOG said.

Andrew Hockey, CEO of IOG, said: “We are delighted to welcome David to lead the operating team at IOG where he will be a key contributor in successfully delivering on our ambition to be a safe, efficient, low-carbon developer and producer of high-value gas. In so doing he will build on strong existing foundations and I thank our CFO Rupert Newall for fulfilling the Interim Project Director role very effectively over recent months.

“David joins the company at an exciting time with Phase 1 construction in full swing and development drilling expected to start in around two months, targeting first gas in Q3 this year. Supported by an excellent team already in place across all disciplines, David will be able to hit the ground running and I have no doubt he will have a very positive impact across our business.”

IOG last year saw its field development plan for Core Project Phase 1 in the UK North Sea approved by the UK Oil and Gas Authority.

The Core Project comprises gas resources across six discovered UK Southern North Sea (“SNS”) gas fields. Phase One, approved by the OGA, will focus on the development of Blythe, Elgood, and Southwark fields.

The company in January said that work on the construction of the two platforms being built for the project was progressing well with delivery scheduled for 1Q 2021.

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Preng conducts a survey of the financial community’s opinion of energy boards and leadership teams

By News & Media

Preng & Associates conducted a survey of the financial community to better understand their perspective of the energy industry and future leadership. The survey includes responses from both the public and private equity investors, as well as bankers and consulting advisory firms. To those who participated, we want to express our deepest gratitude! Below is a summary and the key opinions expressed. Below are the full results.

There is a consensus that the oil and gas industry needs to focus on exceeding its cost of capital, generating free cash flow, and cutting costs, while reserves and production growth are consistently ranked as least important. Additionally, investors want their investments to pay off; public equity wants to see dividends and private equity wants profitability. Capital discipline is the key factor effecting the industry over the next five years. Oil and gas prices and ESG are also seen as very impactful. However, just as companies cannot control oil and gas prices, ESG risks are also inherent to fossil fuels and therefore ESG ranks low on what oil and gas companies should focus on today. Once oil and gas companies can survive and thrive, then the focus turns to ESG and building public trust once again.

The financial community agrees that leadership, capital discipline, and financial acumen are the most important qualifications of an executive. Executives who are focused on cash flow and corporate returns are also preferred amongst the financial community. While compensation structure did not rank highly, a handful investors ranked it as paramount; executives need to have their compensation more closely tied to shareholder returns. The investors felt that most current executives do not understand how to make money and many expressed a desire for youth as the old way of doing things is not working and new faces need to rise within the industry.

While diversity consistently ranked as the least important qualification for executive leadership, many believed it was important for boards. Public equity investors ranked diversity as most important and also felt that experience from other industries was the least sought-after trait for board members but not necessarily undesirable. Only 20% of survey participants would only consider board members with energy experience. The industrial, financial, and technology sectors led in desirability for non-Energy industry board members. Survey participants want to see board members who understand the investor and share a similar background in the financial industry. They also want to see board members who are innovative, which the technology industry is best known for. While no bankers or consultants recommended tobacco industry experience, investors saw the benefit of hiring from an industry that already had to adapt to adverse ESG pressures.

In conclusion, our industry needs to focus on free cash flow and return of capital with a long-term outlook towards ESG and companies need board members who understand the investor and can bring new ideas from outside the energy sector.  

Thank you again to those who participated and made this a success!


Jozsef Marton highlights trends in Africa’s oil and gas recruitment

By News & Media

Speaking exclusively with Deblina Roy from Oil Review Africa (ORA), Jozsef Marton, Managing Director, London, Preng & Associates, has highlighted the recruitment landscape in Africa’s oil and gas and energy sector and how identifying and attracting talent around the world will impact shareholder value

ORA: Please brief about Preng’s operations. What the company specialize in?

JM: Preng & Associates are the only specialist fully retained boutique international executive search firm working exclusively in the energy sector. We are headquartered in Houston with offices in Chicago and London. We work across three core areas; oil and gas, energy services and equipment and renewables, power and utilities. Founded in 1980 and partner-owned, we handle board level and senior appointments including technical, finance, commercial leadership roles.

We are a specialist firm with a long track record of working with Africa focused energy companies with a proven track record of “appointing locals in senior in-country roles” where working with partners and managing operations are crucial to the growth and success of the company.

We operate in West Africa predominantly, followed by East Africa and North Africa. We work with medium sized companies and not with the majors such as BP, ExxonMobil, Shell etc. In many of the “in-country” roles that we handle our aim is to persuade local candidates to move back to the country where they are from. Recently we worked with a US independent operating in Cote D’Ivoire to recruit a new country manager and we appointed, an Ivorian, Khady Dior Ndiaye. We have also recently worked with another US independent and persuaded a Ghanaian to relocate to Malabo to lead their country operations in Equatorial Guinea. Also we have persuaded a local Nigerian candidate relocate from Abu Dhabi back to Lagos for a West African focused, London-listed oil and gas company.

Local content agenda is always our priority and we believe it is really important. Companies need to identify and attract locals to senior leadership roles. As the governments want to work more closely with companies and want indigenous companies to become more pervasive in the future, the only way to do that is to teach local candidates from operations and technical programmes. Then, in the future, they can go out and set up their own companies. Here, we are playing an important role in terms of the future development of local oil and gas companies in Africa. Not only this helps an individual’s career, but also helps the country build a better energy sector that serves the population and actually delivers value for people living there.

ORA: In terms of talent pool, what is going on in the oil and gas sector? What kinds of talents are in?

JM: Companies are interested in candidates who can efficiently integrate upstream operation, asset management and business units. With the downward pressure of oil prices, the companies are focused on generating profit at even US$40 per barrel price. They have had to really look very closely at operations and reduce the barrel cost while generating profits. For this, there is a much greater push for integrated operations and need for people who can bring together multi-disciplinary teams and get them working together, collaborating well and bringing about efficiencies. It’s not easy because there aren’t many people out there that have that expertise.

Finding people who is ready to get out into the field is another key area that the companies are looking for. With the strange consequences of COVID-19, people are mostly working from home. But in oil and gas, there has been a much greater push to getting people out in the field, working closely with the technical teams, getting to know their suppliers, government representatives and partners, rather than working from corporate headquarters. Our clients want more people to get out on the fields and perform on the ground. These are the two major areas where we have seen a much greater focus and desire from candidates and I think it will continue going forward.

ORA: How do you think recruitment has been impacted due to COVID-19 crisis?

JM: Well, some people thought recruitment will become more difficult, particularly in the virtual interviewing process and hiring. This is something the companies have never really entertained in the oil and gas industry. They always want to meet the candidates in person and get to know their personality. However, more and more companies are embracing the technology these days. We have recruited people virtually now for the first time ever. For the Marathon’s role, the candidate has never met anyone from Marathon in person and the recruitment has been done virtually.

We have actually seen a slowdown in areas such as board level roles and CEOs. For this, companies still want to wait until they can meet the individuals before hiring. Now, of course, if the pandemic continues for another year or two, that attitude might change. However, the industry is expecting 2021 to be better than 2020.

ORA: How you are addressing the importance of diversity while recruiting senior roles?

JM: Diversity has always been important not just because companies need to do that, but actually, we like to challenge our clients and bring them a diverse range of options to choose from. About diversity, age is more important. The oil and gas is an industry that has people at the senior level mostly over 50 years of age. The average age in London is more than 60 years for a non-executive director. To bring a different perspective in this senior management segment, we encourage bringing in someone of about 40 years of age group.

Another area where diversity really adds value is bringing people from outside the sector. Khady was a managing director at city bank in Senegal. She never worked in the oil and gas industry. But she has an outstanding ability to transition good relationship and leadership skills, banking to oil and gas. It was a diverse appointment because she brought that different perspective and skillset from another sector.

ORA: What are the top five sectors in oil and gas which will see more recruitment drive in the coming days?

JM: In the upstream segment, production operations will be a top sector in driving recruitment. Every company needs to make their production as efficient as possible and as high as possible. Then comes financial skillsets. While doing deals or partnership agreements, ensuring that right commercial agreements put in place is going to be critical to make sure companies can make money. Third one is managing government relationships. This is going to be critical because due to COVID-19, a lot of governments, particularly in Africa and other emerging markets, are put under pressure. Companies need to find people who can manage that pressure and ensure relationships are strong and positive. The fourth segment is attracting the next generation leaders. In the next five years, a lot of people are going to retire from the industry or can not be in the leadership roles. A big challenge is how to replace those individuals. Hence, the competition for talent is going to increase. The fifth call is around the ESG agenda. People are still working out what ESG means for a particular company and how it can help improve performance and attract new investment. Therefore, finding people who really understand those areas are going to be crucial.

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ProPetro Appoints David Schorlemer as Chief Financial Officer

By News & Media

David Schorlemer Preng Placement CFO of ProPetro ServicesMIDLAND, Texas–(BUSINESS WIRE)– ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP) today announced the appointment of David Schorlemer as Chief Financial Officer (“CFO”), as well as the planned departure of Darin Holderness, the Company’s former CFO. Mr. Schorlemer assumed all duties of CFO effective October 23, 2020.

Preng & Associates assisted ProPetro in its search.

Mr. Schorlemer joins ProPetro with broad experience in oilfield services, most recently as Executive Vice President, Chief Financial Officer, Treasurer and Secretary of Basic Energy Services, Inc., a Fort Worth, Texas-based oilfield services company. David brings more than 25 years of experience in senior level positions with public and private companies spanning such areas as finance, technology, business process integration, strategic and organizational planning, M&A and capital markets transactions. In his role as Chief Financial Officer, he will be responsible for overseeing and managing ProPetro’s finance, technology and accounting responsibilities. David holds an MBA from Texas A&M University and a bachelor’s degree in finance from The University of Texas.

“I’d like to formally welcome David to the ProPetro team. We look forward to his future contributions as our CFO,” Phillip Gobe, Chief Executive Officer said. “With David’s talent and experience in our sector and in public company governance, we will have a key player at a critical role going forward to help us remain competitive in a dynamic environment.”

“I would also like to thank Darin for offering his expertise and hard work as he helped the Company navigate through some trying times,” added Gobe. “Darin’s efforts throughout his tenure have laid a strong foundation for our finance and accounting operations moving forward and we will always be grateful for those contributions.”

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information visit


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Video: Preng & Associates Speaks at The Africa E&P Summit

By News & Media

Please join Jozsef Marton, Director of Preng & Associates London, as he speaks at the Virtual Africa E&P Summit.

Panel Includes:

Amalia Olivera-Riley 
Head of Exploration
Tullow Oil

Oisin Fanning
Executive Chairman
San Leon Energy Plc

Jan Maier
Vice President – Exploration
Africa Energy

Donna Obaseki-Ogunnaike
Regulatory Specialist and Oil & Gas Lawyer
ACAS Law. Session Moderator

Jozsef Marton
Preng & Associates

Preng & Associates is proud to sponsor the Virtual Africa E&P Summit.

SeekOps Onboards New Chief Executive to Implement Global Growth

By News & Media

(Sept. 10, 2020) In order to address the expanded global market demand for its products while positioning the company for increased growth, SeekOps has strengthened its leadership team by adding a new Chief Executive Officer to guide it through this critical next step.

SeekOps is pleased to announce Iain Cooper as its new CEO. Preng & Associates assisted SeekOps in its search.

Iain, who previously led technology development, strategy and investment at Schlumberger, brings 30 years of experience in the energy sector. His experience will not only lead SeekOps through effective international scaling of its technology and services, but also expansion beyond traditional energy-sector business into other major industrial verticals, such as biogas, waste management and mining, monitoring broader range of chemical species.

SeekOps Inc. develops and deploys advanced sensor technology for the energy sector to detect, localize, and quantify methane emissions through integrated drone-based systems. SeekOps’ unique sensor design eliminates false positive readings and localizes emissions sources to provide actionable data to oil and gas operators in the United States, Canada, Europe, and the Middle East. Backed by funding from the Oil and Gas Climate Initiative Climate Investments (OGCI-CI), and Equinor Technology Ventures (ETV), SeekOps provides best-in-class technology to meet increasingly stringent environmental, sustainability and governance (ESG) reporting requirements, and enables producers worldwide realize their goal to reduce methane intensity from operations.

Iain comments: “SeekOps actionable data products have been demonstrated in rigorous oil and gas environments, and while we will continue global growth to support upstream operations, SeekOps will also translate its capabilities to meet the needs of the midstream and downstream sectors. Furthermore, there are similar environmental and sustainability pressures across other industries that must be validated using accurate and reliable technologies, as typified by SeekOps.”

This move strengthens the current executive team as the company’s Founder and CEO of three and a half years, Andrew Aubrey, transitions to a new role as Senior Vice President of Strategic Partnerships. These strategic partnerships will be a key component of SeekOps’ future growth.

Media Contact – SeekOps Inc.
Paul Khuri
SeekOps Inc.
VP Business Development
Phone: (713)962-6146

Sponsoring Africa E&P Summit

By News & Media
Preng & Associates is proud to sponsor the upcoming Virtual Africa E&P Summit. We look forward to catching up with our clients and placements as well as making new connections.
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Jozsef Marton
Managing Director
Preng & Associates

Wissam Al-Monthiry
Managing Director
Tullow Ghana

Guest Speaker: Patrick Pouyanné

Kevin Okyere
Springfield Group

Thore Kristiansen
Executive Director & Head of E&P

Gil Holzman
President & CEO
Eco Atlantic Oil & Gas

Jasper Peijs
Vice President Exploration – Africa

Maggy Shino
Petroleum Commissioner
Ministry of Mines & Energy, Namibia

Egbert Faibille Jnr
Chief Executive Officer
Petroleum Commission Ghana

Joseph Medou
Director General

Honorable Archie Donmo
Liberia Petroleum Regulatory Authority (LPRA)

Keith Hill
Africa Oil Corp.

Tracey Henderson
Chief Exploration Officer
Kosmos Energy

Rob Tims
Managing Director
RWT Energy Advisory

Cath Norman
Managing Director
FAR Limited

Andrew Knott
Savannah Energy

Alexander Mollinger
Discover Exploration

Tom Hickey
Boru Energy

Duncan Rushworth
VP Business Development
Svenska Petroleum

Amalia Olivera-Riley
Head of Exploration
Tullow Oil

Dele Kuti
Global Head, Oil and Gas – Corporate and Investment Banking
Standard Bank

Oisin Fanning
San Leon Energy

Lekan Akinyanmi

Jan Maier
VP Exploration
Africa Energy

Jerreh Barrow
Petroleum Commissioner
Ministry of Petroleum and Energy, The Republic of The Gambia

Lindiwe Mekwe
General Manager: Regulation
Petroleum Agency SA

Carlos Zacarias
INP Mozambique

Tom Perkins
Acquisitions & Divestitures
Stellar Energy Advisors

Keith Myers
President, Research
Westwood Global Energy Group

Richard Hood
Senior Research Analyst
Wood Mackenzie

Philip Birch
Exploration Director
Impact Oil & Gas

Ade Adeola
Head Oil & Gas
Standard Chartered

Jon Clark
Partner – EMEIA Leader Oil & Gas Transaction Advisory Services

Paul Eardley-Taylor
Head Oil and Gas, Southern Africa
Standard Bank


Click here to Register!

Matthew DeNezza Joins Crusoe Energy Systems as Chief Financial Officer

By News & Media

About Us — Crusoe Energy Systems(Aug. 24, 2020) Crusoe Energy Systems Inc. (Crusoe) announced today that Matthew DeNezza joined as the Company’s Chief Financial Officer. DeNezza brings decades of financial and strategic leadership experience to the Digital Flare Mitigation® and distributed cloud computing company and will allow Crusoe to finance and build a new paradigm of ESG-forward energy and computing services for the oil and gas industry.

Preng & Associates assisted Crusoe in its search.

“Matt brings a new level of experience and leadership to our fast-growing team and will help Crusoe access new funding streams and financing relationships. With Matt’s support and financing capabilities, we can scale Crusoe by orders of magnitude.”

DeNezza, Crusoe’s new CFO, said, “I have served as the CFO of a publicly traded upstream operator as well as a private equity sponsored midstream operator, and I have heard first-hand from investors that they need to solve environmental problems like flaring. Crusoe goes one step further and is creating innovative new business models with their oil and gas clients that unlock value from previously stranded or wasted resources. This is an innovation that I want to be a part of.” Crusoe is already accomplishing these goals at a significant scale, with more than 30 flare-powered computing modules deployed across North America’s oilfields. The Company is reducing flaring by millions of cubic feet per day, eliminating emissions in the process and creating a new source of value for both energy producers and compute resource users. DeNezza continued, “I am inspired by Crusoe’s mission, values, and business proposition. We will continue to build Crusoe into a novel, paradigm-shifting leader in both the energy industry and technology industries.”

Chase Lochmiller, Crusoe’s CEO and Co-Founder, said, “Matt brings a new level of experience and leadership to our fast-growing team and will help Crusoe access new funding streams and financing relationships. With Matt’s support and financing capabilities, we can scale Crusoe by orders of magnitude.”

Cully Cavness, Crusoe’s President and Co-Founder, said, “Early in our conversations with Matt, he recognized the need for today’s oil and gas operators to embrace novel, efficient environmental technologies like Digital Flare Mitigation as part of the industry’s response to environmental, social and governance (ESG) demands from investors and the public. As an industry insider who wants to make a difference and be part of the solution, Matt is well aligned with Crusoe’s mission and environmental goals.”

Prior to joining Crusoe, DeNezza served as the CFO of Meritage Midstream, a private equity-sponsored midstream firm operating in the Powder River Basin in Wyoming. Previous to his leadership role at Meritage, DeNezza was the CFO of Eclipse Resources, an early entrant into the Utica shale play. DeNezza joined Eclipse in 2013 where he and the senior management team rapidly grew the business, took the company public in 2014 and eventually merged the business to create Montage Resources Corporation in 2018.

DeNezza launched his finance career as an energy-focused investment banker, primarily at Deutsche Bank in New York City, where he worked from 2002 to 2013 serving both privately held and publicly traded upstream, midstream and downstream firms.

Prior to Deutsche Bank, DeNezza served his country in the U.S. Navy as a commissioned officer assigned to the USS Boise, a fast-attack nuclear submarine, from 1994 to 1998. He holds a BA from Harvard University and an MBA from NYU Stern School of Business and lives in Denver, Colorado with his wife and children.

About Crusoe Energy Systems Inc.

Crusoe Energy Systems provides innovative solutions for the energy industry. By converting natural gas to energy-intensive computing, Crusoe’s Digital Flare Mitigation® service delivers an environmentally sound way to create a beneficial use for otherwise wasted natural gas. Crusoe has deployed flare mitigation projects in North Dakota, Montana, Wyoming and Colorado. Systems are scalable up to millions of cubic feet per day and can be deployed anywhere in the United States or Canada.

Background on Flaring

Natural gas flaring has become an acute pain point for shale oil producers, which produce natural gas as a byproduct of oil. This oil-associated natural gas production has outpaced gas pipeline infrastructure in many parts of the North American shale industry. In the absence of pipeline capacity, operators tend to burn natural gas in a process known as “flaring” or “combusting.” Approximately 335 billion cubic feet of natural gas are flared annually in the United States, according to latest 2017 data from the World Bank’s Global Gas Flaring Reduction Partnership (GGFR), which is enough gas to power more than 7 million U.S. homes. Flaring generates pushback from the public and policymakers, who increasingly raise environmental concerns around emissions, resource waste, visual impacts and air quality.

Please reach out to or visit to learn more, and follow Crusoe on Linkedin and Twitter.

Chase Lochmiller
CEO and Chairman

Cully Cavness