CHANGES: Metgasco has announced its chairman has resigned, and two new board members have been appointed.
CHANGES: Metgasco has announced its chairman has resigned, and two new board members have been appointed.

Metgasco chairman announces his resignation

THE chairman of Metgasco’s board, Greg Short, has advised the company that, due to family reasons, he will stand down from his role and also resign from his position as a company director, effective immediately.

Metgasco made the announcement in an ASX statement issued this afternoon.

The company has appointed two new board members, Alexander Lang and Terry White, and said the board changes were consistent with the “process of renewal” and the company’s intention to “ensure a strong business focus and returns for shareholders”.

In his outgoing statement, Mr Short welcomed the new appointments and said he was pleased the search process had yielded two high calibre candidates.

“Both new directors have accomplished careers in senior leadership roles across the project management and oil and gas sectors,” he said.

“They will be valuable additions to the skill set of the Metgasco board.

“Mr Lang’s and Mr White’s skills will contribute to the company’s strategic objective of maximising shareholder returns via effective capital management and the prudent assessment of new opportunities to create value in the energy sector.”

Mr Lang has more than 20 years’ experience as a senior commercial, finance and risk management executive with broad experience leading multi-national businesses.

According to Metgasco’s ASX statement, Mr Lang “combines lateral and strategic thinking with strong collaborative leadership and people management skills”.

“He also has outstanding negotiation skills with a track record of closing complex negotiations with multiple stakeholders. Mr Lang holds professional qualifications in law (Germany),” the statement reads.

Mr White has more than 30 years as a senior petroleum executive.

“He also has a track record of exploration success in Australia and the USA with extensive experience of new ventures activities, deep-water exploration, field appraisal and joint ventures,” Metgasco said in its statement.

“A large part of this career has been associated with large companies such as BHP Billiton, but he also has experience with smaller oil and gas companies.”

Both new board members will be non-executive directors.

Mr Lang has been appointed the board’s new chairman, effective immediately.

“Terry and I are pleased to be joining the Metgasco board at this time, with the company well placed to secure significant value in the oil and gas sector, as the downturn in market conditions is creating a significant opportunity for a company with a very healthy balance sheet,” he said.

Leonard Gill’s previously announced resignation as a director also takes effect today. Both Mr Short and Mr Gill will remain available for consultation by the board and management for the next month.

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