Microsoft Word - 150305 ASX PB Resignation Nido Letterhead
12 March 2015
ASX ANNOUNCEMENT
Resignation of Philip Byrne - Managing Director
ABN 65 086 630 373
Nido Petroleum Limited (ASX:NDO) ('Nido' or the 'Company') advises that Phil Byrne has tendered his resignation as Managing Director. Mr Byrne will be leaving the Company on his own terms and with the best wishes of the entire Board as he moves into a new phase of his career.
Mr Byrne will cease employment with the Company on 30 April 2015 and a global recruitment process to identify a suitable replacement is underway.
Commenting on Mr Byrne's resignation Nido's Chairman, William Bloking, stated:
"Phil's leadership over the last three years has completely repositioned the Company. He has presided over the expansion of production from the Galoc oil field, the successful off-market takeover of the Company by the Bangchak Petroleum Public Company Limited and the recent acquisition of the Galoc Production Company WLL. Nido is poised for a significant growth phase due in large part to the achievements of Phil and we wish him the very best for the future."
Mr Byrne also noted that now is the right point at which to introduce new leadership to Nido:
"Following the conclusion of the Galoc and Bangchak transactions, Nido is in a much better place to grow beyond the Galoc field and become a significant, sustainable, South East Asian mid-tier oil producer and more attractive investment proposition."
Nido will advise shareholders when a new Managing Director is appointed.
For further information please contact:
William Bloking
Chairman
Nido Petroleum Limited
+61 8 9474 0000 [email protected]
Media: Luke Forrestal Account Manager Cannings Purple
+61 411 479 144 [email protected]