Horizon Oil eyes board renewal

  • Business & Finance

Australia’s Horizon Oil Limited has announced that its Chairman, Fraser Ainsworth AM, will retire from the board, effective at the conclusion of the Annual General Meeting (AGM) on November 20, 2015.

Ainsworth has served as Chairman of the Horizon Oil’s board since April 2002. The company said that under his leadership its portfolio has evolved from a spread of non-producing exploration ventures to material interests in two producing fields in New Zealand and China and a large gas/condensate play in Papua New Guinea, which is currently under development.

Ainsworth said that, after 13 years as Chairman of Horizon Oil, the time was right for him to retire from the board.

He said: “It has been a great privilege to chair one of Australia’s leading mid-cap oil and gas exploration, development and production companies and work alongside a fine management team and board.”

He said it was in the company’s shareholders’ interests for board renewal to take place. Ainsworth announced that, following the AGM, the chairmanship would be handed over to John Humphrey.

Ainsworth revealed that two new non-executive directors would be appointed to the board during the next twelve months to replace Humphrey and himself. It is also intended that Humphrey will retire at the 2016 Annual General Meeting or soon after, Ainsworth said.

“The order of retirement of John and myself as directors has been determined having regard to the mix of skills on the board required by the Company during the transitional period,” the company’s leaving Chairman said.

He added: “I acknowledge and thank Mr. Brent Emmett and the Horizon Oil team (including my board colleagues) for their strong support. In my view this outstanding team effort has been a major contributing factor towards Horizon Oil achieving a combination of high quality, cost competitive oil producing assets exhibiting strong cash flow generation, and potential growth assets in Papua New Guinea which our plans indicate will unlock substantial sustainable shareholder value in the future.”

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