Managing Director Extends Employment Contract
Adelaide, May 30, 2012 AEST (ABN Newswire) - Beach Energy Limited (
ASX:BPT) is pleased to announce that Mr Reg Nelson, Beach Managing Director, has extended his employment contract until 30 June 2014. There is provision for the contract to be extended by mutual agreement for a further period of a year beyond 2014.
Mr Nelson may request that any retirement payment due to him is paid in equal instalments on 1 July 2012, on 1 July 2013 and within seven days after 1 July 2014 (or within seven days after termination of employment if termination occurs before 30 June 2014). There is a requirement for repayment of any amount of the retirement payment that has been made, in the event of termination by Beach for cause.
Beach's Chairman, Mr Bob Kennedy, said: "We are delighted that Reg has agreed to continue on as the Managing Director of Beach, especially considering the exciting stage the company is at with its shale and Basin Centred Gas program in the Cooper Basin. Reg has been a trailblazer in the oil and gas industry for a number of years now and is one of the few executives with the ability to identify opportunities ahead of others. Under Reg's stewardship, Beach has built a unique and well balanced portfolio of production and exploration oil and gas assets both in Australia and overseas. Reg has been integral in the rejuvenation of the Cooper Basin, from an area with declining production, to what is now Australia's premier onshore oil and unconventional gas province."
Contact
Beach Energy Limited
T: +61-8-8338-2833
F: +61-8-8338-2336
WWW: www.beachenergy.com.au
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