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Anzoil to diversify

Oil producer Anzoil NL is about to move out of its traditional stomping grounds in Vietnam and take to the acquisition trail under a new corporate growth plan.

As part of its plan to diversify through acquiring growth opportunities and cash flow producing properties, the company appointed Frank Jacobs as CEO with effect from 1 June.

Mr Jacobs has been with the company since the beginning of last year working as new ventures manager. His initial appointment was to identify oil and gas projects suitable for participation or acquisition to diversify the company’s investments, which until recently have been solely concentrated in the Hanoi Basin of Vietnam.

He has extensive experience in the hydrocarbon industry, particularly in the area of acquisitions and implementing corporate growth.

During the past twenty years, Mr Jacobs has worked on petroleum and related projects throughout the world, particularly in Australia and South East Asia.

After obtaining a post-graduate engineering degree from the University of Calgary in 1978, Mr Jacobs held positions with Amoco Canada Ltd and consultants Kloepfer, Coles, Nikiforuk, Pennell Associates.

Later, he worked with consulting company Gaffney Cline and Associates in Singapore and as an independent petroleum consultant in Australia.

In 1987, Mr Jacobs joined Peko Oil Ltd as manager, engineering and acquisitions and was associated with the purchase of North Sea and General, a UK oil and gas exploration and production company, as well as Peko’s participation in the development of the Jabiru, Challis and Cassini oil fields in the Timor Sea.

In 1990, he joined Cultus Petroleum NL to assist in building a production company through the acquisition of producing properties. Cultus subsequently acquired Basin Oil NL, Barcoo Petroleum NL and Esso Timor Sea Limited.

He was appointed managing director of Cue Energy Resources NL in February 1994.

His immediate brief with Perth-based Anzoil is to implement the Lembak liquid petroleum gas project in Indonesia, which will provide the company with cash flow. It will also commence oil stimulation projects in Australia and Indonesia using vibration stimulation technology.

Additionally, several oil and gas properties are being considered for acquisition.

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