Mr. Scott has indicated his desire to hand over the reins of the Company and the Board of Cooper Energy has resolved to seek a new Managing Director to take the Company to the next growth level.

Mr. Scott will step down as the Managing Director and Director of Cooper Energy and all subsidiaries and will continue in a staff position to assist the Company to maintain its course during the search for a new Managing Director. Upon a new Managing Director being located, Mr. Scott will serve out his contractual notice period of six months and handover the responsibilities of running the Company to the new Managing Director. The Board has initiated the search for a suitable replacement.

Mr. Michael Scott, current Managing Director, commenced with Cooper Energy on February 4, 2004. At that time the Company was an emerging Cooper Basin producer with 3 oil wells producing 600 barrels of oil per day and six exploration blocks in the Cooper Basin in South Australia. The Company now has ten oil fields with an oil production capacity in excess of 1,500 barrels of oil per day in Australia and Indonesia and a deep international exploration and appraisal/development portfolio across Australia, Indonesia, Tunisia, Poland and Romania. The Board thanks Mr. Scott for his contribution to the Company over the last seven and a half years.

Tags: Cooper Energy