28th Jun 2007 07:00
Xtract Energy plc28 June 2007 DATE : 28 JUNE 2007 AIM: XTR Xtract Energy Plc ("Xtract") ANDREW MORRISON APPOINTED CHIEF EXECUTIVE The Board of Xtract is pleased to announce the appointment of Andrew John GowdyMorrison (Andy) as Chief Executive (CEO) of the Company. He succeeds John Newtonwho will become Executive Chairman. Andy has been appointed CEO effective as of 9 July 2007. Rob Annells, thecurrent Non-Executive Chairman of Xtract, will become a Non-Executive Directorfrom 9 July 2007. Andy (aged 46) has over 25 years experience in the energy and related servicessectors, most recently with BOC Group as a Group Director for New BusinessDevelopment. Prior to BOC Andy was employed by BG Group and Shell in variousstrategic and business development roles. Andy will be based in Xtract's London office and take responsibility for the dayto day management of the Company and its investments, as well as identifyingfuture growth opportunities. In addition to the Company's 24.4% holding in MEOAustralia (ASX : MEO), Xtract's other listed investments currently includesignificant holdings in Wasabi Energy (ASX : WAS) and Aviva Corporation (ASX :AVA). The Company is also active in developing oil shale processing technologyin association with its Julia Creek oil shale deposits, and ongoing oilexploration and production activities in Central Asia. John Newton will continue to be integrally involved with the Xtract Group,focussing on business development and strategy. Mr Newton commented: "The Xtract Board is pleased to welcome Andy as CEO ofXtract. He has an excellent track record in the energy sector and I believe hecan help the Company develop and implement its future strategy. This is anexciting time for Xtract, with the recent growth in our investment portfolio weare well positioned to take advantage of new opportunities and generate furtherreturns to shareholders." Andy Morrison commented: "I am looking forward to working with the Xtract Boardand management team. The Company has accumulated an enviable asset base andfinancial strength to capitalise on future growth opportunities." Enquiries in relation to Xtract please contact: Xtract Energy plc John Newton, CEO +44 (0) 20 7409 0890 Smith & Williamson Corporate David Jones +44 (0) 20 7131 4000Finance Limited Azhic Basirov This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Xtract