Ukrnafta announces four new additions to its senior management team

Kyiv – Ukrnafta PJSC (“Ukrnafta” or the “Company”) (UX: UNAF UK - PFTS: UNAF), Ukraine’s leading oil&gas producer and fuel retail company, today announces the hiring of four senior managers and future additions to its Management Board.

Michael Bakunenko is appointed as Director of Corporate Development and Strategy, Artem Scherban as Director of Finance, Alan Sutton as Head of Economy and Planning and, finally, David Sturt agreed to join the Company to lead the Upstream Business.

These additions to the management team follow the appointment of Peter Vanhecke as new Chairman of the Management Board and are part of the change program that has been put in place by the new Chairman.

 All new hires bring with them extensive functional domestic and international expertise as well as a strong corporate network.

Michael Bakunenko has held positions at Renaissance Capital and at Goldman Sachs in Russia, Ukraine and in the United States. He has substantial experience in advising emerging market companies on their strategic and development issues. At Ukrnafta, he will be developing the corporate restructuring scenarios as well as assist the Chairman in the key strategic decisions for the Company.

Artem Scherban has been proposed by Naftogas for a Board position and has previously been active as General Director at JSC Gefest and as a Member of Parliament. Mr. Scherban will coordinate the overall financial department as well as develop a corporate relations function.

Alan Sutton has more than 14 years experience at CFO level in Central and Eastern Europe and, in particular, in Ukraine and Russia. Most recently, Alan was interim CFO at Cadogan Petroleum plc, the London listed oil&gas company, with assets in the Poltava, Lvov and Ivano-Frankovsk oblasts. At Ukrnafta, Alan will focus on the economic and budget planning functions as well as on the further implementation of (functional and operational) international standards at the Company.

David Sturt is a leading international exploration and production expert, with over 25 years of experience. David has worked on projects in Europe, Africa and South East Asia and as COO and CEO in the CIS (Russia and Kazakhstan). In 2010, David was a founding shareholder, seed investor and Managing Partner of VistaTex Energy LLC., headquartered in Houston, Texas with producing assets in Texas, Louisiana, Oklahoma, Arkansas and Mississippi. David’s experience includes the listing of Exillon Energy on the main London Stock Exchange in December 2009. At Ukrnafta, David will be responsible for managing the whole Upstream business, with a particular focus on stabilizing the production levels and stimulating exploration.

Commenting on the new appointments, Chairman of the Management Board, Peter Vanhecke noted: 

“I am very pleased that Michael, Artem, Alan and David agreed to join the Ukrnafta senior management team.

They all combine an entrepreneurial spirit with “best of class” experience in their respective functional fields. Hence, their addition provides for a strong and needed injection of international management skills into the Company.

I believe that – together with the existing managers - the new team represents a skill set which is extremely compelling in Ukraine and in the broader regional emerging market space.

It is clear that these recent appointments are a further indication of our commitment to restructure Ukrnafta and to support a growth path for the Company.

To this regard, we expect to announce a number of strategic initiatives in the near future”.