Australia: Tap Oil Reports Board Changes

Tap Oil Limited reports a number of Board changes that will deliver Board renewal and succession planning as well as flexibility for future growth. These changes do not alter the Company’s strategy and plans, which have been refocused under the executive leadership of Tap’s Managing Director/CEO, Mr Troy Hayden.

Key elements to this Board renewal are described below:

Dr Neale Taylor, Tap’s current Chairman, will retire on 19 March 2012. Neale has been a Non-Executive Director of the Company since 2002 and Chairman since 2006.

Mr Douglas Bailey will take up the role of Chairman on 20 March 2012. Doug joined Tap’s Board as a Non-Executive Director in 2009 and has a strong background in financial and executive management. He was Managing Director/CEO of Ashton Mining (Ashton) for three years following eight years as Ashton’s CFO, and CFO at Woodside Petroleum Limited for three years. He is a Non-Executive Director of St Barbara Limited. Doug is based in Perth.

Mr Peter Lane is a founding Director of Tap and will retire from the Board at its AGM in May 2012. Peter has made a significant contribution to the Company over his 17 years of service.

Mr Michael Sandy will continue as a Non-Executive Director of Tap. Mike has an exploration and commercial background, which more recently has been focused in the small market cap sector of the industry. Mike is the Managing Director/CEO of Burleson Energy Limited and a Non-Executive Director of ASX listed companies Caspian Oil & Gas Limited and Hot Rocks Limited.

Tap has commenced a search for a new Non-Executive Director. An announcement will be made once an appointment has been made. This will bring the number of Non-Executive Directors on the Board to three, which is fitting for a company of Tap’s current size.

The Board is conscious of the need to ensure proper succession at Board level and has decided on the above changes after consideration of the Company’s refocused strategy and plans, tenure of existing directors and the Board’s skills mix.

Tap’s Chairman, Dr Neale Taylor, said:

“The current Board has worked with Troy Hayden and his executive and staff team to refocus Tap’s plans, strategy and priorities. Tap is now well positioned to deal with its exploration portfolio and upcoming drilling and development plans. The next six months is a good time period over which to make changes in the make-up and leadership of the Board.

I speak for Peter Lane and myself in wishing the Company, the Board and its new Chairman every success in the future.”

Tap’s Chairman-elect, Mr Douglas Bailey, said:

“I am pleased and honoured to accept the Chairman’s role and look forward to working with the new Board and Managing Director/CEO to pursue future success for Tap. On behalf of all shareholders, I thank Neale and Peter for their dedication and valuable contribution over their many years of service. I wish Neale and Peter the best in their new pursuits.”

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LNG World News Staff, December 14, 2011