Australia: AWE Announces New Managing Director

October 29, 2010

AWE Limited advises that it has today entered into an Executive Services Agreement to appoint Mr Bruce Clement as its Managing Director effective February, 2011.

AWE’s current Managing Director, Mr Bruce Wood, will continue to act in his current capacity until Mr Clement assumes his position to ensure a smooth transition of executive power.

Mr Clement was chosen for the role after the appointment of an international search firm, which considered both local and overseas candidates. The AWE Board interviewed a short list of applicants over the past 3 months and Mr Clement was selected from this high-calibre group.

AWE’s incoming Chairman, Mr Bruce Phillips said:

“Mr Clement has an extensive and successful career in the upstream energy sector, including over 30 years experience in the Australian and international arenas with Esso Australia, Ampolex, AIDC, and Roc Oil. His career has included senior technical, financial and managerial roles with both small and large energy companies. Since 2008 he has been Managing Director of Roc Oil Company Limited.

“Mr Clement is an experienced Managing Director with the necessary skills to lead AWE’s existing management team to optimise profitability from its strong and diversified asset portfolio.

“AWE’s renewed board of directors and the Company’s management team looks forward to working with Mr Clement to deliver a strong and sustainable growth outlook with superior financial returns for shareholders.”

Mr Bruce Clement said:

“I look forward to the opportunity to work with the team at AWE. The Company is in an excellent position, with very capable management and staff, a portfolio of assets delivering good production and cash flow and a sound financial base. I plan to work with the Board and management to implement the strategy that will leverage the Company’s strengths to generate new opportunities to grow and to deliver increased value to shareholders, and I plan to enjoy being part of AWE’s future success. ”

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Source:Awexplore, October 29, 2010;