Hayden Stays at Tap Oil’s Helm (Australia)

Australia’s independent oil and gas exploration company Tap Oil Limited has announced that the Company and Troy Hayden (the Company’s Managing Director and Chief Executive Officer) have agreed to a variation of  Hayden’s existing employment agreement, including and the renewal of his contract beyond the current contract term of December 2013 and a revised remuneration package.

The varied contract will have no fixed term and either party can terminate on six months notice.
The Board of Tap is confident that Hayden is the right person to take the Company forward and deliver on its strategy. Chairman Doug Bailey highlighted the key achievement of  Hayden’s initial term as being the application of a strict commercial approach to portfolio management, including the sale of Tap’s stake in the Harriet Joint Venture, which has removed significant liabilities and positioned the Company for growth.
Bailey said: “Troy started with Tap in December 2010 and has overseen the sale of underperforming assets, the strategic positioning of the Company for future growth and value creation. Tap’s Board is pleased to have agreed to a new contract with Troy that will provide stability and continuity in management as we pursue our strategic goals.”

Hayden has agreed to a reduction in the cash component of his remuneration to take a greater exposure to the Tap share price over the next three years via performance rights. These rights will vest if the Company’s share price exceeds certain price targets on 1 July 201 The variation to Hayden’s employment contract, including the revised remuneration package, is subject to shareholder approval.
Bailey added: “The Board believes this more strongly aligns Troy’s remuneration with the Company’s commitment to deliver material shareholder returns. The next 18 months in particular will be critical for Tap with the commencement of production from the Manora Oil Development in Thailand in early 2014, which will return production and associated cash flows to Tap’s portfolio.”