Central Petroleum Limited Board Changes with Appointment of Dr Peter Moore
15.04.2014 | ABN Newswire
Brisbane, Australia (ABN Newswire) - As explained at last year's Annual General Meeting, Central Petroleum Ltd. (ASX:CTP)(OTCMKTS:CPTLF) ("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 (ASX:CTP) is an ASX listed junior exploration and production company operating what is regarded as the biggest package of prospective acreage in Australia.
Contact:
Company enquiries
Central Petroleum Ltd.
Richard Cottee, Managing Director
TE:L: +61 7 3181 3800
Media enquiries
Martin Debelle, Citadel
TEL: +61 2 9290 3033
Mobile: +61 (0)409 911 189
