TIDMOEX
RNS Number : 5287S
Oilex Ltd
18 March 2016
ASX Announcement
Date 18 March 2016
ASX: OEX
AIM: OEX
Oilex Appoints New MD - Jonathan Salomon
The Board of Oilex Ltd (Oilex or the Company) announces the
appointment of Jonathan (Joe) Salomon, currently an independent
non-executive director, as the new Managing Director of the Company
with immediate effect, following the resignation of Mr Ron Miller
today as a director of the Company.
Mr Salomon has over 30 years of experience in the oil and gas
exploration and production business in both conventional and
unconventional projects and brings specific Indian business and oil
and gas expertise. He joined the board as an independent
non-executive director in November 2015 and since that time has
become fully familiarised with Oilex and its assets, allowing for a
seamless transition.
Mr Salomon brings experience and knowledge in company
management, consulting and advising, exploration and production
project management, business development, new venture
identification, acquisition, and strategy and risk management in
both small and large companies. He was most recently General
Manager for Murphy Oil first in Australia and then in Vietnam where
his team was successful in securing significant value additions to
the company's E&P portfolio and in managing high value work
programs. Previous roles include Head of Geoscience for RISC
Advisory, CEO and MD for Norwest Energy, and executive director
roles for a number of ASX listed companies. Mr Salomon spent his
formative years working for Ampolex Limited and Mobil (following
Mobil's takeover) and LASMO.
Chairman of Oilex, Max Cozijn, said:
"The Board appreciates the significant contribution and efforts
of Mr Miller, who served as the Managing Director of the Company
for more than 3 years, and was also a strong contributor as a
non-executive director since July 2009.
We thank Ron for managing the Company through a significant
period of its development which saw the first horizontal
multi-stage fracked well to be production tested in India. We wish
Ron well for the future.
I would also like to this opportunity to welcome Joe's
appointment to MD. Joe's recent background in managing
international exploration and production projects and his track
record of providing strong management oversight as well as
successfully securing new business opportunities is an ideal skill
set for Oilex. Joe's key focus will be to seek resolution of the
issues facing Oilex and to secure value from our existing
assets."
Mr Salomon commented: "I am very enthusiastic about the
opportunity to serve as Managing Director of Oilex. Oilex's Indian
projects have the technical and commercial potential to transform
the Company and we will be seeking to extract maximum value from
this.
Our Cambay Project, for example, has the potential to provide a
significant contribution to the development of India's domestic
onshore gas industry through the application of up to date tight
gas drilling and development technologies."
In accordance with ASX Listing Rule 3.16.4, the key terms of Mr
Salomon's employment are set out in the schedule to this
release.
For and on behalf of Oilex Ltd
Max Cozijn
Chairman
For further information, please contact:
Investor Nominated Media Enquires Media Enquiries
Enquiries Adviser (UK) (Aus)
Oilex Ltd Strand Hanson Vigo Communications Citadel-MAGNUS
Max Cozijn Limited Public Relations Public Relations
Chairman Nominated Patrick d'Ancona Michael Weir
Email: oilex@oilex.com.au Adviser / Chris McMahon Email:
Tel: +61 Rory Murphy Email: mweir@citadelmagnus.com
8 9485 3200 /Ritchie Balmer patrick.dancona@vigocomms.c Tel: +618 6160
Australia Email: om 6900
oilex@strandhanson.co.uk chris.mcmahon@vigocomms.com Australia
Tel: +44 20 Tel: +44 20
7409 3494 7830 9700
UK UK
=========================== ============================ ============================ =============================
SUMMARY OF KEY TERMS OF EMPLOYMENT
This summary below sets out the key terms and conditions of the
executive employment agreement (Agreement) between Mr Jonathan
Salomon and Oilex Ltd.
Commencement of employment and appointment
Mr Salomon's employment with Oilex is effective from 18 March
2016.
Position
Mr Salomon is appointed to be the Managing Director of the
Company.
Term
The Agreement is for an initial 1 year term, and terminates on
18 March 2017 (Term). The Agreement may be extended by agreement
three months ahead of expiry of the Term.
Remuneration
Salary
Mr Salomon's Fixed Annual Remuneration (FAR) is A$350,000 per
annum, inclusive of statutory superannuation contribution, and is
to be reviewed annually.
Special Funding and Retention Awards
Three initial Funding and Retention Awards will be granted,
conditional upon shareholder approval and subject to a number of
other governing terms and conditions.
1. A$100,000 in Oilex shares in respect of recovery of joint
venture partner's outstanding receivables and progressing of the
drilling of the next well at Cambay within the Term.
2. A$100,000 in Oilex shares upon resolution of the current litigation issues.
If shareholder approval is not granted in respect of the above 2
KPI's then these Awards will be payable in cash. The pricing of the
Oilex shares will be based on the 20 day VWAP for OEX on the ASX in
the 20 days preceding the meeting of shareholders to approve such
awards.
3. Granting of 2 million Retention Rights to shares at no cost
if Mr Salomon enters a subsequent term of employment as MD, subject
to shareholder approval.
Termination
Mr Salomon may resign by giving Oilex 3 months' written notice.
The Company may terminate Mr Salomon's employment by giving 3
months' written notice. Mr Salomon may terminate the agreement on
one month's written notice if the requirements or nature of his
role are materially and adversely changed, in which case the
Company must, subject to the Corporations Act and the ASX Listing
Rules, pay him an amount equal to half his FAR.
Restraint Clauses
Mr Salomon is restrained from engaging in competitive business
with the Company, or soliciting clients, employees or contractors
from the Company, during his employment.
Confidentiality Provisions
Standard confidentiality provisions apply.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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