In his address to shareholders at the last Annual General Meeting the Chairman of Central Petroleum Limited, foreshadowed his intention to stand down as Chairman around the end of this financial year. The Board of Directors has accepted the Nominations Committee's recommendation that Mr Robert Hubbard be appointed the Deputy Chairman of the Company as part of the Board's succession planning.
The Board of Directors has also accepted the Nominations Committee's recommendation that Mr Richard Cottee's contract as Chief Executive Officer be extended for 3 years from the expiry date of the agreement of his secondment from Freestone Energy Partners Pty Ltd. Richard Cottee's role as Managing Director and Chief Executive Officer was made possible through a 3 year secondment agreement with Freestone. Under the extension Mr Cottee will become a direct employee of the Company.
The Board would like to acknowledge the valuable role Freestone played in the 2012 transformation of Central Petroleum.