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1 Apr 2009 07:00
Date: 1 April 2009
On behalf of: BPC Limited ("BPC" or "the Company")
Embargoed until: 0700hrs
BPC Limited ("the Company")
Board Changes
The Board of Directors of BPC Limited advises that as a consequence of having migrated its tax regime to Jersey, as it conducts no business activities in the UK and all of its petroleum activities are in the Commonwealth of The Bahamas, the opportunity has arisen to reduce costs by a reduction in the number of directors and in streamlining the overhead structure by staff reductions. As a result, effective 1 April 2009, two non-executive directors, Robert Carroll from Australia and Timothy Jones from the UK are resigning and the Board wishes to thank them for their great contribution.
The remaining non-executive directors are Mark Savage and Michael Proffitt who will make up the Audit and Remuneration Committees. Michael Proffitt has been appointed Finance Director. Alan Burns, Michael Proffitt and Mark Savage will comprise the Nomination Committee. The non-executive directors have agreed to waive their annual directors fees in full until further notice and Alan Burns has agreed to reduce his annual set fee from GBP100,000 to USD50,000. The Company's working capital position is satisfactory.
Following these changes, the board is now as follows:
Alan Burns (Chairman and Chief Executive Officer)
Paul Crevello (Chief Operating Officer)
Michael Proffitt (Finance Director, Non-Executive)
Mark Savage (Non-Executive)
The Company is focused on its Bahamas project. Further technical work is progressing and farmout negotiations are continuing.
For more information please contact:
BPC Limited
Alan Burns, Chairman and CEO +61 (0)8 9286 2270
Ambrian Partners Limited (Nominated Adviser)
Marc Cramsie +44 (0)20 7634 4700
Redleaf Communications bpc@redleafpr.com
Samantha Robbins / Rebecca Sanders-Hewett +44 (0)20 7566 6700
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