#USA #London #Corporate Governance #Kolibri Global Energy #Tetragon Partners

Tetragon Partners Pushes for Stronger Oversight in Kolibri Global Energy's Board

In a significant move aimed at enhancing operational oversight within Kolibri Global Energy Inc., Tetragon Partners UK LLP, a prominent shareholder in the company, has formally requested the board to consider the nomination of three independent directors. This initiative seeks to align the board's expertise with the company's strategic objectives, particularly in shale development, which Tetragon identifies as a critical factor for maximizing the long-term value of Kolibri's assets.

The Proposed Nominees

The independent nominees put forward for consideration are Glen Brown, Lee Canaan, and Murray Grigg, each bringing a wealth of experience in the oil and gas sector. Glen Brown, with 42 years in the industry, notably served as the Senior Vice President of Exploration at Continental Resources. His extensive background includes identifying acquisition targets and evaluating risks in oil and gas projects, particularly in unconventional resource areas. Brown's previous role on the board of PHX Minerals Inc. further showcases his suitability for board responsibilities.

Lee Canaan, founder and portfolio manager of Braeburn Capital Partners, boasts over 35 years in oil and gas as well as investment management. Beginning her career as an Exploration Geophysicist, Canaan currently serves on the board of EQT Corporation and has held previous directorships in notable firms such as PHX Minerals.

Murray Grigg, founder and CEO of Americans Unconventional Petroleum Consulting, offers complementary expertise in shale reservoir exploration and development. His work as an Engineering Advisor at Fletcher Petroleum highlights his technical acumen, which is vital for guiding Kolibri towards improved capital efficiency and operational excellence.

The Importance of Board Composition

Tetragon's proposal emphasizes the need for a board equipped with the necessary skills to address Kolibri’s pressing challenges. By enhancing governance and operational execution, the firm believes that Kolibri can unlock greater value from its high-quality asset base. The proposed changes aim to improve critical aspects such as drilling, completions, and inter-well communication.

In making its proposal, Tetragon has prioritised a proactive approach by submitting its nominees well ahead of the 2026 annual general meeting, aiming to allow ample time for the board to deliberate and for the nominees to transition smoothly into their roles if appointed. This strategic approach underscores Tetragon’s commitment to ensuring that Kolibri's governance aligns with industry standards and supports its growth objectives.

Future Steps and Implications

Should the Kolibri board decline to nominate the proposed candidates, Tetragon is prepared to leverage its shareholder influence to advocate for a board composition that possesses the requisite expertise to lead the company effectively. This might involve pursuing director nominations under Kolibri's existing policies, demonstrating Tetragon's firm commitment to steering the company towards a more prosperous future.

As Kolibri Global Energy navigates the complexities of the oil and gas market, particularly in shale development, Tetragon Partners' push for independent oversight signals an important step towards ensuring the company is well-positioned for sustained growth and success. Investors and stakeholders alike will be watching closely as developments unfold leading up to the annual general meeting.