Board changes in Tap Oil
- Business & Finance
Australia’s oil and gas exploration and production company, Tap Oil, has announced the appointment of Frank Sakda Sreesangkom, James Menzies and Peter Mansell as directors of the company.
According to Tap Oil’s press release on Tuesday, the board changes come as a part of a board renewal plan where the company plans to structure the board with five directors, including representatives of major shareholders Northern Gulf Petroleum (NGP) and Risco Energy Investments, and three independent non-executive directors.
The company stated that Sreesangkom will represent the interests of NGP, which has provided ‘substantial support’ in the company’s recent AUD 7.75 million ($5.55M) rights issue. Tap Oil further stated that having interests of major shareholders, NGP and Risco, represented will ensure a more stable platform for the company and its management team.
Tap Oil said that regardless of a number of disputes outstanding between the company and NGP, it is “confident that these conflicts can be effectively managed”. It also added that the dispute concerning Manora is already under way in Singapore and will be heard in December.
Mike Sandy, current non-executive director, will not stand for reelection and will be replaced by Salamander Energy’s former CEO James Menzies.
Doug Schwebel announced his intention to retire as director and will be replaced by Peter Mansell.
Troy Hayden, Managing Director of Tap Oil, will step down from the position but will continue to provide executive services to the company in a part-time capacity until a suitable replacement CEO is found and an orderly transition of management responsibilities can occur. Tap Oil stated that, considering the company’s current shareholding structure, the company believes it is important to secure the best available CEO candidate independent of both NGP and Risco.
The company said that all the changes take effect on Friday, May 27.
Current Chairman, Doug Bailey, has notified the company that he intends to remain on the board until a time when a suitably qualified replacement independent non-executive director and a new CEO have been appointed, at which point he will also retire.
Tap Oil also said that its major shareholder, NGP, confirmed that it is supportive of these board changes taking place and that no action will be taken to change or otherwise support a change to the composition of the board.