Mr. Paul Moore, Newly Appointed Chief Executive Officer
Perth, June 23, 2009 AEST (ABN Newswire) - Otto Energy Limited (ASX:OEL)(PINK:OTTEF) announces the appointment of Mr Paul Moore as the Company's new Chief Executive Officer effective 1 July 2009.
Paul Moore (50) has extensive experience in the oil and gas industry with 27 years in operating oil and gas companies, including 17 years in executive management roles. Paul has an international track record in oil/gas field developments and in new business growth.
Paul has a Masters of Business Administration from the University of Strathclyde, Scotland. He is a Member of the Society of Petroleum Engineers, Fellow of the AICD and of the Institute of Materials, Minerals and Mining (UK) and is a Chartered Engineer.
Paul commenced his career at Shell where he worked for approximately 9 years on various international petroleum engineering assignments in the North Sea, North Africa, New Zealand and Europe. Since this time Paul has worked in a range of executive management roles with a number of internationally recognised oil and gas companies including:
- Woodside (3 years) - Executive Vice President Northern & Emerging LNG, Executive Vice President Developments and Director Browse Business Unit
- Santos (4 years) - Vice President Technical Services & Development Projects, General Manager Western Australia and Manager South Australia Oil; and
- Fletcher Challenge Energy (10 years) - Pohokura Field Development Manager, Operations & Engineering Manager (Brunei) and Director Maui Development Limited.
Paul brings with him strong executive leadership experience as well as a wealth of international technical and operating skills in both reservoir development and project development.
Paul will replace Alex Parks as Chief Executive Officer. The Board would like to thank Alex for his contribution to the Otto and wishes him all the best with his future endeavours.
Paul's remuneration package comprises a balance of fixed salary and performance based incentives.
Paul will receive 7.5 million options (A$0.12, 30 June 2014) vesting on 1 July 2010. Paul has also agreed to subscribe for 1.25 million shares in the Company at A$0.08 per share (total investment A$100,000).
The Board looks forward to Paul Moore's leadership of the Company into a new phase of growth and development.
About Otto Energy Limited
Based in West Perth, Otto Energy Limited (ASX: OEL) is an international exploration and production company that has assembled a balanced portfolio of oil and gas assets in the Philippines, Turkey, Italy and Argentina.
As of mid 2008, Otto expects to receive revenue from production at the Galoc Oil Field in the Philippines which will be used to fund further development and exploration across all of the Company’s highly prospective assets. Otto is opportunity rich with an exploration portfolio that includes additional discoveries that are under development, approximately 20 drillable prospects covered by new 3D seismic and well over 60 exploration leads which are being matured as follow-up potential. Consequently, Otto has an active exploration and appraisal drilling program in 2008/2009.
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