The East African Oil & Energy Exploration Company plc

July 20, 2011 11:04 ET

Changes to the Board and Issue of Equity

20th July 2011

                                     ('The Company' or 'East African')
                                 CHANGES TO THE BOARD AND ISSUE OF EQUITY

The Company is pleased to announce the appointment of Nick Woolard as a non-executive director of the

Nick Woolard started his career within the international division of Barclays Bank and enjoyed thirty years
with the company. Latterly he helped to run the international investments business in Douglas, Isle of  Man
before deciding to concentrate on compliance. He was then the compliance officer for Fedelta Trust, one of
the  longest  established  fiduciary businesses in the Isle of Man. Nick's next move came shortly before
Rivington Street Holdings plc ("Rivington") redomiciled from London to the Isle of Man in June 2010. He
played a key role in establishing various subsidiary companies and acted as a director of a number of
these, including the highly rated fund management business, T1ps Investment Management (IOM) Limited, and
the  British  Isles' cheapest online execution only stockbroker,, for both of which he also
acted  as compliance officer. He has now left the Rivington Group and is currently a Non Executive director
of a number of companies.

Nick Woolard is currently a director of:

Worship Street Investments Limited
Port Erin Biopharma Investments Limited
St Hill IOM Limited
Isle of Man Yacht Club
Mews Management Limited

Nick Woolard has been a director of the following companies and partnerships,
during the previous 5 years:

The Real Man Pizza Company Limited
Rivington Street Stockbrokers Limited
T1ps Investment Management (IOM) Limited
Rivington Street Sales & Conferences Limited
Rivington Street Ventures Limited

In addition, the Company announces that Patrick Meehan and Peter Parkinson have resigned from the Board of
East African.

The Company has issued the following shares:

    1.      11,198,750 shares at 0.8p in full and final settlement of loans totalling £89,590 to various
parties, including directors.
    2.      A total 6,375,000 shares were issued in settlement of outstanding fees to directors and the
company secretary.
    3.      1,500,000 shares were issued to both Patrick Meehan and Peter Parkinson for loss of office.
    4.      Julian Green has converted £100,000 of the convertible loan notes he holds into 12,500,000 shares.

The total ordinary shares of 0.8p each in issue following the above allotments are 61,083,449.

Adriano Bernabei, a director of the Company now holds 2,375,000 shares (3.89%) in East African.

The Directors of the issuer accept responsibility for this announcement.


The East African Oil & Energy Exploration Company plc
Nick Woolard
Tel: 07624 435474

Rivington Street Corporate Finance
Heena Karani
Tel: 0207 562 3393

Contact Information

  • The East African Oil & Energy Exploration Company plc