West Australian based Empire Oil & Gas NL
(ASX:EGO) has appointed a new chief and withdrawn from a joint venture with Key Petroleum Limited
(ASX:KEY).
The oil and gas explorer and producer says internationally experienced petroleum executive Ken Aitken will step into the top job in May for a three year contract.
Mr Aitken is currently the general manager operations and engineering for ASX-listed petroleum company New Standard Energy Limited
(ASX:NSE).
Separately, Empire Oil & Gas has withdrawn from its 35 per cent interest in EP 437 which will be reassigned to Key Petroleum Limited
(ASX:KEY) and Caracal Exploration.
Empire Oil & Gas says the position, prospectively, risk and reward of EP 437 was not core to the company and did not meet its future risk-reward parameters.
Empire Oil and Gas booked a net loss of $253,000 in the first half of the 2014 financial year.
