Last checked at 20 Apr 2012 13:54
Petro Matad Limited
("Petro Matad" or the "Company")
Changes to Senior Management
Petro Matad announces the retirement of its Chief Financial Officer (CFO), Mr. Clyde Evans. Mr. Evans retired from his executive position, effective April 16th, but will remain on the Board of Directors as a Non-Executive Director.
In addition, Dr. James Coogan (Exploration Manager) has resigned, effective April 16th.
An international executive search was initiated to identify and appoint suitably qualified replacements for these two positions. In addition to stability, professional qualifications and experience, the Company placed an emphasis on identifying candidates with a record of transforming and renewing companies.
The process to appoint an Exploration Manager is almost complete. In the meantime, Chief Geophysicist Dr. Kurt Constenius is managing the Petro Matad exploration team.
The executive search has already resulted in an eminently suitable professional being attracted to the position of CFO.
Mr. John Henriksen assumed the role as CFO for the Company on April 17th. Mr. Henriksen is a Qualified Accountant (Canada) with 36 years of experience in the oil and gas industry. For the most recent 5 years, he was Country Manager (Indonesia) for Salamander Energy Plc. Prior to that, he had managerial positions in the finance departments of Vico, ENI and Lasmo Plc.
Mr. Henriksen will reside in Mongolia, operating from the Company's main office in Ulaanbaatar, along with the other executive management team and technical personnel. Accordingly, Petro Matad is closing its representative office in Perth, Western Australia, from where the accounting and financial aspects of the Company had been supervised since the Company's inception.
CEO Douglas McGay said: "Petro Matad is delighted to welcome John to the position of CFO. From a very well qualified group of candidates, he impressed us as the ideal fit for our Company and its objectives. His relocation to work with the Company's executive and technical professionals in Mongolia is another forward step for the efficient and progressive management of the Company. In particular, we anticipate his industry experience will add substantial value to the Company and its operations.
"It is with sadness that we bid farewell to Clyde from the daily management of Petro Matad, and wish him well in his well-deserved retirement. Mr. Evans was present at the foundation of the group and has filled in the role of CFO with distinction.
"Dr. Coogan's positive contributions to Petro Matad include recruiting and training the group of young Mongolian and expatriate professionals who will form the nucleus of the Company's future technical team. We wish Dr. Coogan well in his future endeavours."
Petro Matad expects to appoint the new Exploration Manager shortly and will make an announcement in due course.
About Petro Matad Limited
Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production, in Mongolia. The Group holds sole operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,340km² in the far eastern part of the country. Blocks IV and V are located in central Mongolia. Block IV covers approximately 29,000km² and Block V approximately 21,150km².
Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.
Further information:
Petro Matad Limited
Douglas J. McGay - CEO
+976 11 331099
NOMAD and Joint Broker
Westhouse Securities Limited
Richard Baty / Petre Norton
+44 (0)20 7601 6100
Joint Broker
Macquarie Capital (Europe) Limited
Jeffrey Auld / Steve Baldwin / Nicholas Harland
+44 (0)20 3037 2000