Valiant-Petroleum Plc

Board & Management

Board Directors
Kevin Lyon
Peter Buchanan
Steven Edgley
Sandy Shaw
Gordon Stollery
Michael Bonte-Friedheim
David Blackwood

Senior Management
Phil Crookall
Brian Elliot
Nick Ingrassia
Gavin Milne
Justin Morrison

Kevin Lyon, Non-Executive Chairman
Kevin has broad business experience first as a Chartered Accountant and later in various roles at the private equity and venture capital business 3i plc, where he built and developed several successful investment teams across the UK, and led transactions in a wide range of sectors. Kevin left 3i in 2004 to build a portfolio of non-executive interests and is currently Chairman of Mono Global Group Limited, an infrastructure support services to the telecoms sector and of Wyndeham Press Group Limited, a printing and communications group. He is also a Non-Executive Director of health and fitness club operator David Lloyd and was previously a Non-Executive Director of Booker plc, a wholesale cash and carry business, which listed on AIM in June 2007.

Peter Buchanan, Chief Executive
Peter has had a career spanning 18 years in the oil industry. After a Shell sponsored MSc at Imperial College, Peter completed a PhD in structural geology with BP. This was followed by various senior technical and managerial roles with companies such as CogniSeis Development (now Paradigm Geophysical Limited), Oil Search Limited and Premier Oil plc. Much of this time was spent in South East Asia (including Papua New Guinea and Myanmar) where he was involved in several significant oil and gas discoveries. Immediately prior to founding the Company in 2004, Peter spent five years as a Director on the oil & gas team at The Royal Bank of Scotland with specific responsibility for North Sea structured finance and was involved in several hundred million pounds of debt, mezzanine and equity fundings to independent oil and gas companies.

Steven Edgley, Finance Director
Steven has spent 20 years in commercial and investment banking predominantly within the hydrocarbon sector. In 1995, Steve joined The Royal Bank of Scotland as Head of Oil and Gas, Structured and Project Finance. During this time the bank became one of the leading global oil and gas banks. In 2003, Steven moved to Caledonia Oil and Gas Limited (“Caledonia”) as Finance Director. Caledonia was a private independent oil and gas company focused on the UK Southern North Sea. In November 2005, Caledonia was sold to E.ON Ruhrgas UK Holdings Limited for pound sterling 470 million.

Sandy Shaw, Director & General Counsel
Sandy has hands-on experience with 30 years in the oil and gas industry, through senior positions held amongst executive teams while acting as Group legal counsel and commercial director for a number of companies including Consort Resources, LASMO, Esso Petroleum, Marathon Oil and Mobil. She has handled six private equity subscriptions raising in excess of £160 million and led a £200 million trade sale through to final negotiations. Sandy was a founder of the Company and served as a Non-Executive Director for four years before joining the Company full time in August 2008.

Gordon Stollery, Non-Executive Director
Gordon has over 30 years of experience founding and managing energy companies. He is Chairman of AGS Resource Management Limited and is also currently on the Board of Highpine Oil & Gas Limited, an Alberta-based Canadian public oil and gas company that he founded in 1998. Prior to Highpine, Gordon was Chairman of Northstar Energy Corporation from 1997 to 1998 and Chief Executive Officer of Morrison Petroleum Limited from 1980 to 1997 Gordon also either founded or cofounded OGY Petroleum Limited, Storm Energy Limited, Canadian Gas Gathering Systems Inc. and Ballistic Energy Limited.

Michael Bonte-Friedheim, Non-Executive Director
Michael is a banker by background having been in a number of senior positions within Credit Suisse First Boston, Morgan Stanley International Limited and up to August 2006 as managing director in the Energy & Power Team at Goldman Sachs International Limited. Michael is currently the Non-Executive Chairman of Mediterranean Oil and Gas plc, a UK AIM-listed stock focused on E&P opportunities in and around the Mediterranean.

David Blackwood, Non-Executive Director
Prior to joining Britoil plc in 1982, Dave worked in a variety of roles with Schlumberger in the North Sea, Oman and Kuwait. His subsequent roles within BP Exploration have included Business Unit Leader positions in Alaska, Aberdeen and Glasgow, and worldwide Technology Vice President for Projects and Engineering. In August 2000, Dave became Business Unit Leader for Gulf of Mexico Deepwater Development before taking up his position as head of BP’s North Sea business, and Director of BP Exploration Operating Company in July 2003. He previously represented BP on the Board of the UK Offshore Operators Association (UKOOA), and on PILOT, the Government – Industry forum established to sustain a competitive UK Oil and Gas industry. In addition he was the first joint Chairman of Oil & Gas UK, the new representative body for the UK offshore oil and gas industry. Dave retired from BP as of 1st January 2009. He is currently a board member of ACSEF (Aberdeen City and Shire Economic Future). Dave attended Glasgow University where he studied Electrical Engineering. In 2006, he was awarded the CBE for his contribution to the UK oil and gas industry.

Phil Crookall, Technical Director
Philip has 22 years’ industry experience with both independent international oil companies and consultancy groups (Hamilton Brothers Oil and Gas Limited, Ultramar Limited, LASMO plc, Hardy Oil and Gas plc, Scott Pickford Limited, Paradigm Geophysical Limited). Philip has operational expertise in development geology and petrophysics. Philip has managed multi disciplinary projects through specification, execution and delivery stages in UKCS, Middle East, West Africa and S.E.Asia. Philip is responsible for all technical aspects of Valiant Petroleum’s asset register, and management of reserve audits.

Brian Elliot, Operations Director
Brian has over 20 years’ North Sea and international experience in offshore development projects and operations. He provides expertise in project execution and facilities engineering and has completed major fast track FPSO, subsea and fixed platform developments (Dumbarton, Bohai Bay, Leadon) and facilities management (Gryphon and Janice fields). Brian was Development Manager for Kerr-McGee China and Head of Projects for Maersk North Sea.

Nick Ingrassia, Corporate Development Manager
Immediately prior to joining Valiant, Nick spent two years at Morgan Stanley in its Energy Investment Banking Division with a primary focus on delivering products and corporate finance advice to companies active in-and-around the upstream sector. Previous to that, Nick was at The Royal Bank of Scotland where he spent four years on the Oil & Gas Project and Structured Finance team. During his time there, Nick worked on a wide range of structured debt facilities for a number of North Sea E&P companies (including Venture Production, Paladin Resources, Oilexco Inc and Caledonia Oil and Gas.)

Gavin Milne, Financial Controller / Company Secretary
Gavin is a member of the Chartered Institute of Management Accountants and has over 20 years accounting / finance experience in UK Oil and Gas. Gavin began his career in Aberdeen with BP Exploration as a management accountant providing information for offshore drilling activity and subsequently the Wytch Farm asset. Gavin has since provided consultancy services to a number of oil and gas and associated companies, including SOCO International, Star Energy and Waterous International. More recently, Gavin held senior accounting roles at both Highland Energy Holdings Limited and Caledonia Oil & Gas Limited prior to these businesses being acquired by RWE Dea AG in 2002 and E.ON Ruhrgas AG in 2005 respectively. Gavin joined the Valiant Group in 2007 and now also assumes the position of Company Secretary.

Justin Morrison, Exploration and New Ventures Manager
Justin has spent over 20 years in the industry with independent oil companies (Burren Energy plc, Canadian Natural Resources International (UK) Limited (“CNR”), Ranger Oil (UK) Limited (“Ranger”), British Gas plc and Ultramar Limited) with activities covering new business, exploration, development and enhanced oil recovery. During 2003 to 2007, Justin was Exploration Manager for Burren Energy plc when the company drilled over 140 wells. Prior to this, Justin was Cote d’Ivoire Exploration Manager for Ranger/CNR responsible for the Baobab discovery and Espoir re-development. Other projects included the Nile Delta exploration campaign with British Gas plc and the Franklin, Markham, and Ross field appraisal/developments for Ultramar.