Sydney, July 2, 2008 AEST (ABN Newswire) - Mosaic Oil N.L. (ASX: MOS)(PINK: MSAOF) is pleased to announce that it has entered into a new employment agreement with its Managing Director, Mr. Lan Nguyen.
The agreement will be in place until 30 June 2011, unless terminated earlier in accordance with its terms.
Mr. Nguyen's remuneration package for the year ending 30 June 2009 will be $442,000 and is subject to review at least once every 12 months. Mr. Nguyen is also entitled to a performance based bonus and a capped special allowance which is calculated with reference to the Company's after tax profit performance and replaces a benefit which accrued under Mr. Nguyen's previous employment agreement with the Company.
The Company's Chairman - Mr. David Herlihy said "the renewal of Mr. Nguyen's contract is very positive for the Company at a time when the Company is aggressively pursuing new exploration and development opportunities to unlock value in the Surat-Bowen Basin".
Contact
Mosaic Oil:
David Herlihy
Chairman
TEL: +61-2-9247-9324
Media:
Bill Kemmery
Fortbridge
Tel: +61-2-9331-0655
Mob: +61-400-122-449
| ||
|
