Appointment of Non-Executive Director and Subsidiary Management Change
Molopo Energy Limited (“Molopo”) is pleased to announce the appointment of Mr Garry Cameron as a non-executive director on the Board of Directors (“Board”) of Molopo.
Mr Cameron currently holds non-executive directorships with various companies, including ANZ Specialised Asset Management Ltd, ANZ Business Equity Fund Ltd, AHS Hospitality Ltd and Heemskirk Consolidated Limited. He previously held the position of Managing Director and CEO of an ASX listed property trust for 10 years, and prior to that held a number of senior executive roles including Executive Director, Finance, with Telecom/Telstra and Deputy Managing Director of Treasury Corporation Victoria. Mr Cameron was also recognised in 1992 on the Australia Day Honours list for his contribution to finance and telecommunications, and is a director of AFL club, Richmond.
The appointment of Mr Cameron represents an important further strengthening of the Molopo Board, with particular emphasis on finance, asset valuations, audit, governance and risk management. Mr Cameron has been appointed as chair of Molopo’s Audit and Risk Committee, and has also been appointed as a member of the Remuneration Committee.
In confirming the appointment, Molopo’s Chairman, Mr Greg Lewin said “Garry brings extensive experience and knowledge in financial, commercial and project risk evaluation to the Board. His experience in funds management of energy and infrastructure projects which focussed on large coal, gas and alternative energy asset infrastructure such as power stations, wind farms and pipelines with over $2.5 billion of enterprise value, sees him well placed to utilise his skills to the benefit of Molopo.”
In accepting his appointment, Mr Cameron commented “It is exciting to join the re-energised Molopo Board at a time when energy development is so important. Molopo is well structured to extract full value from its exploration, development and production activity and hence achieve significant revenue outcomes. The new Board and executive team are experienced and talented and I believe my finance and governance experience will compliment and assist the team at Molopo to achieve growth in value for shareholders.”
Molopo also wishes to advise that Monty Bowers, President and CEO of Molopo Energy Canada Limited (“Molopo Canada”), will step down from his position in April 2011. Monty joined Molopo Canada in late 2009 with the intention of leading Molopo’s Canadian subsidiary which was to be floated on the TSX (“IPO”).
He was instrumental in developing the Calgary team which successfully unlocked the value in the Spearfish asset, and which remains in place to take the Bakken asset forward. With the recent sale of the Spearfish asset and the cancellation of the IPO, Monty has decided to pursue other career interests. On behalf of all shareholders we thank Monty for his contribution to Molopo during his relatively short tenure and wish him well in his future endeavours.
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