Brisbane, Australia (ABN Newswire) -
Central Petroleum Ltd. (ASX:CTP) (OTCMKTS:CPTLF) ("Company" or "Central") today announced that as foreshadowed at last year's AGM, Andy Whittle has chosen to step down as Chairman but will remain on the Board until the upcoming AGM to assist in the transition. Andy has led Central through a significant period of change from an explorer to a producer. The Board of
Central Petroleum Ltd. has appointed Mr Robert Hubbard as its new Chairman.
Mr Hubbard joined the board of Central in 2013 and became Deputy Chairman in May 2015. Prior to commencing his career as a non-executive director, Robert was a partner of PwC for over twenty two years specialising in the resources sector. Robert is also a director of Bendigo and Adelaide Bank Limited, Primary Health Care Limited and
Orocobre Ltd..
"Rob is a respected and trusted member of the business community and his financial and accounting expertise will be a great asset to the Company as it enters into its growth phase during this cyclical downturn in the resources sector. The present spot domestic gas price confirms that the Company's strategy of focusing on domestic gas supply is correct. With the acquisition of Mereenie, Rob's financial counsel will be invaluable. The Board has indeed been fortunate in having the calm and wise counsel of Andy Whittle over the last two years and his industry experience has played no small part in establishing the Company on a solid foundation upon which the Company can embark on its existing growth phase", said Richard Cottee, Managing Director and Chief Executive Officer of Central.
About Central Petroleum Limited:
Central Petroleum Ltd. (ASX:CTP) (OTCMKTS:CPTLF) is an ASX listed junior exploration and production company operating the largest holding of prospective onshore acreage in Australia totalling over 270,000 km2, c.70 million acres. This acreage includes permits already awarded and acreage under application with 250,000 km2 under the Petroleum Acts and 20,000 km2 under the Mining Acts mainly in the Northern Territory with smaller holdings in Western Australia, South Australia and Queensland.
Contact:
Central Petroleum Ltd.
T: +61 (0)7 3181 3800
F: +61 (0)7 3181 3855
www.centralpetroleum.com.au
