6th Feb 2009 07:00
MAX PETROLEUM PLC
("MAX PETROLEUM" OR THE "COMPANY" AND TOGETHER WITH ITS SUBSIDIARIES, THE "GROUP")
[AIM: MXP]
BOARD and SENIOR MANAGEMENT CHANGES
Max Petroleum, an oil and gas exploration and development company focused on Kazakhstan, today announces management changes designed to enhance the Group's ability to execute both its immediate and long-term objectives.
As the Company explained in its interim results for the period ended 30 September 2008, announced on 23 December 2008, its immediate focus is on its efforts to fund its 2009-2010 drilling programme through an increase in the borrowing base under its existing credit facility with Macquarie Bank Ltd., the farmout or sale of interests in one or both of its licenses and additional debt or equity financing. These efforts are ongoing. In parallel, the Group's exploration team is continuing to high-grade its portfolio of exploration prospects and leads in order to commence drilling as soon as possible, subject to availability of requisite capital resources.
The Company also announces today that Mark Johnson will cease to serve as a Director and Chief Executive Officer with immediate effect in order to pursue other opportunities. James A Jeffs and Robert B Holland III, both currently non-executive directors of the Company, will assume roles as Executive Co-Chairmen.
James A Jeffs commented, "We thank Mark for his contributions to the Company over the last year, particularly his contributions toward streamlining the organization, cost savings initiatives which will continue to enhance the Company's operational effectiveness in the future, as well as with this transition. The Board of Directors wishes him the best in his future endeavours."
Michael B Young, currently Finance Director and Chief Financial Officer, will assume the additional role as President of the Company. Richard C Hook, currently Exploration Manager of the Company, will assume the additional senior management role of Chief Operating Officer, a non-director position. Prior to joining the Company last April, Mr. Hook spent 27 years with Anadarko Petroleum in various positions of increasing authority as an Exploration Geologist and Manager. As Geological Supervisor for Anadarko Algeria in the early 1990's, Richard was part of a team that made a series of major discoveries, including the giant, billion barrel Ourhoud Field. More recently, he held positions as Senior Manager of US, North Africa and Middle East Exploration. He also served as Vice President of International Business Development in the Middle East and Russia for Anadarko International Energy Company, based in London. Mr. Hook holds a Bachelor of Science in Geology from the University of Oregon, and a Master of Science in Geology from Oregon State University.
Enquiries:
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Max Petroleum Plc |
Michael Young President and CFO |
Tel: +44 (0)20 7355 9590 |
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Peter Moss Investor Relations Manager |
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Merlin PR |
Tom Randell / Anca Spiridon |
Tel: +44 (0)20 7653 6620 |
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WH Ireland Ltd |
Daniel Bate / David Youngman |
Tel: +44 (0)161 832 2174 |
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