26th Sep 2006 11:24
Melrose Resources PLC26 September 2006 FOR IMMEDIATE RELEASE 26 September 2006 MELROSE RESOURCES plc Planned retirement of Chief Executive and appointment of Operations Director Melrose Resources plc ("Melrose") today announces that David Curry, ChiefExecutive of Melrose, has given notice that he intends to retire from thecompany not later than 1 November 2007. The company will seek to appoint a newChief Executive from outside the group before this date to allow a smooth andorderly transition. Melrose also announces the appointment with immediate effect of David Archer asexecutive director with the title of Operations Director. Mr Archer has beenMelrose's country manager for Bulgaria since 1999 and in that capacity hadresponsibility for the development of the Galata gas field. Prior to joiningMelrose, Mr Archer had extensive oil industry experience, mainly with BP andTexaco. Mr Archer was awarded the OBE in 2002 for services to British industryand foreign investment. The Company has no information to disclose in respect ofthe appointment of Mr Archer with regards to the requirements under Listing Rule9.6.13. Commenting on this, Robert Adair, Chairman, said: "I am very grateful that David Curry has given us plenty of notice of hisintended retirement as this gives us time to ensure that we find a worthysuccessor to help take the group to further heights. We will be working hard tofind a suitable replacement to lead Melrose through its next key stages ofgrowth and to provide new leadership to our extremely talented team. David Curry has had a pivotal role in the development of Melrose from a smallunlisted company to a current market capitalisation of c.£380m. I have very muchenjoyed working with him and I am personally very grateful for his input. We allwish him every success in the new ventures which he intends to pursue afterretiring from Melrose. David Archer has taken the role of Operations Director of Melrose. He has workedsuccessfully for us in Bulgaria and I am pleased that he has accepted thisappointment so that we can use his skills more widely within the group.Following the recent acquisition of Merlon Petroleum, Melrose has assumedoperatorship of our properties in Egypt. We have a number of importantdevelopment projects underway in Egypt and David Archer's experience will bevery valuable in helping to deliver on these projects." For further information please contact: Melrose Resources plc Robert Adair , Chairman 0778 427 7244David Curry, Chief Executive 0131 221 3360Munro Sutherland, Finance Director 0131 221 3360Chris Thomas, Company Secretary 0207 462 1603 Buchanan Communications Ben Willey or Tim Thompson 0207 466 5000 or visit www.melroseresources.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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