Board Changes with Appointment of Dr Peter Moore
Brisbane, April 14, 2014 AEST (ABN Newswire) - As explained at last year's Annual General Meeting, Central Petroleum Limited (
ASX:CTP)(CPTLF:OTCMKTS) ("Company" or "Central") had been actively planning its transition from Explorer to Explorer & Producer. That includes ensuring that the Board has the right diversity of skillsets and sufficient independent directors (as defined by the ASX' Corporate Governance Principles and Recommendations) to guide the Company's next stage of development. Recent changes to the ASX Principles and Recommendations question the continued "independence" of a director after 10 years' service. In view of this guideline, and having successfully served on the Board for more than 9 years, Mr Bill Dunmore has decided not to seek re-election at this year's AGM.
At Central's request the consultancy in which Bill Dunmore has an ownership interest will continue to provide valuable reservoir engineering services under existing arrangements until the Company has acquired the requisite internal resources.
To fill the vacancy, the Board has appointed Dr Peter Moore as an Independent Non-executive Director who until recently was the Executive Vice President of Exploration for Woodside Petroleum and a highly respected executive in the oil and gas industry. Dr Moore brings a diversity in skill sets in exploration and production. He will take up his position immediately providing a six month overlap before the retirement from the Board of Mr Dunmore.
Mr Dunmore said, "it has been a privilege and a pleasure to serve on the board for almost ten years and I wish the shareholders, staff and the board the very best of good fortune for the exciting years to come."
Central Chairman Andy Whittle said, "the Company has benefited enormously by having Mr Dunmore on the board since the Company was floated and the board is extremely grateful to Mr Dunmore for his dedication and service. Whilst the Board will clearly miss the continuing guidance, experience and knowledge of Bill Dunmore, the addition of a person of Peter's calibre to the Board is welcomed and testimony to the strengthened foundation of the Company over the last 18 months."
About Central Petroleum Limited
Central Petroleum Limited (
ASX:CTP) is a well-established, and emerging ASX-listed Australian oil and gas producer. In our short history, Central has grown to become the largest onshore gas producer in the Northern Territory (NT), supplying industrial customers and senior gas distributors in NT and the wider Australian east coast market.
Central is positioned to become a significant domestic energy supplier, with exploration and development plans across 180,000 km2 of tenements in Queensland and the Northern Territory, including some of Australia's largest known onshore conventional gas prospects. Central has also completed an MoU with Australian Gas Infrastructure Group (AGIG) to progress the proposed Amadeus to Moomba Gas Pipeline to a Final Investment Decision.
We are also seeking to develop the Range gas project, a new gas field located among proven CSG fields in the Surat Basin, Queensland with 135 PJ (net to Central) of development-pending 2C contingent resource.
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