THE chief executive of Aberdeen-based Eland Oil & Gas, George Maxwell, has seen the value of his total pay increase by around 60 per cent in the latest year.
The annual report for the Nigeria-focused company shows Mr Maxwell earned £679,000 in 2017 compared with £428,000 in the preceding year.
Mr Maxwell earned a £250,000 bonus in 2017, during which the company enjoyed what he has said was the most successful year in its history.
Aim-listed Eland achieved a big increase in production from the Opuama field in the Niger Delta last year.
The company had to suspend production from the field on the OML 40 licence in February 2016 because the Forcados terminal used to handle output was shut down due to sabotage.
The Shell-operated terminal reopened in May last year. Eland shipped oil to market earlier in the year.
It cut annual losses by 70% in 2017and moved into profit in the second half. In June Eland raised $19.5m from investors.
In the report Eland’s chairman Russell Harvey said: “The progress made in 2017 continues to demonstrate both the undoubted potential of OML 40 and the management’s ability to deliver in a challenging and ever-changing environment.”
The increase in oil prices in 2017 and a material increase in production had led to a welcome cash flow boost.
Mr Maxwell was not paid a bonus for 2016.
The value of his salary rose by 15% last year, to £388,000, from £335,000.
He holds options to acquire 4,000,815 shares, subject to performance conditions.
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