20th Jan 2010 07:07
MAX PETROLEUM PLC
("MAX PETROLEUM" OR THE "COMPANY" AND TOGETHER WITH ITS SUBSIDIARIES, THE "GROUP")
[AIM: MXP]
CHANGES TO ADVISORY COMMITTEE
Max Petroleum, an oil and gas exploration and development company focused on Kazakhstan, is pleased to announce the appointment of James J. Emme as a member of Max Petroleum's Advisory Committee coinciding with Mr. Emme's recent appointment as the Executive Vice President of North America for Endeavour International Corporation. Mr. Emme will replace Thomas R. Fuller as the Group's Advisory Committee's technical member and will continue to serve as a consultant in the Group's ongoing farmout process for its Astrakhanskiy and Blocks A&E licence areas. Management of the Group's geological and geophysical team in Houston will be assumed by Richard Hook, the Group's Chief Operating Officer. Mr. Fuller has decided to resign from the Group's Advisory Committee due to increased board commitments and other business activities.
As part of his compensation as an Advisory Committee member, the Company has granted Mr. Emme an option to acquire 500,000 ordinary shares at an exercise price of 17.75p per share, vesting over a period of three years. Mr. Fuller voluntarily relinquished an equal number of fully vested stock options to acquire ordinary shares at an exercise price of 4.75p per share.
Robert Holland, Executive Co-Chairman, commented "We are pleased that Endeavour, which is not engaged in Kazakhstan, has recognized the exploration skills, talent and experience that led us to engage Jim, and even more pleased that he will continue his role in our farmout process and beyond as an advisory director. We wish him every success at Endeavour. "
James Jeffs, the Group's other Executive Co-Chairman, added "Max is fortunate to have had the advice and involvement of Tom Fuller since 2005. Tom is an outstanding petroleum engineer with years of production experience and we expect to call on him for advice from time to time as our assets develop."
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 |
Tel: +44 (0)161 832 2174 |
Related Shares:
MXP.L