Energy junior Carnarvon Petroleum is to relocate its head office to Perth, further reinforcing the the Western Australian capital's credentials as a resource capital.
Energy junior Carnarvon Petroleum is to relocate its head office to Perth, further reinforcing the the Western Australian capital's credentials as a resource capital.
The Melbourne-based company, with a market capitalisation of around $12.4 million, said it wanted to be closer to technical resources and the active commercial market for small oil and gas players that perth has to offer.
executive director Andrew Shelton will not stand for re-election to the board due to the relocation decision.
Corporate Changes MELBOURNE, AUSTRALIA (ASX: CVN), 29 November 2005
Carnarvon Petroleum Ltd ("Carnarvon") wishes to advise details of the following corporate changes.
Corporate Office
Carnarvon's management and administrative functions are to be relocated to Perth to take advantage of the oil and gas industry's technical resources and the more active commercial environment for junior oil and gas companies available in Perth.
Planning for the move has commenced and it is expected that the move will be completed early in the New Year.
Chief Financial Officer and Company Secretary
Carnarvon is pleased to announce the appointment of Mr Robert Anderson as Chief Financial Officer/Company Secretary with effect from 28 November 2005.
Mr Anderson's appointment initially will be in a joint capacity with Mr Rick Pullia pending completion of the transfer of Carnarvon's operations to Perth.
Mr Anderson is a Chartered Accountant with 20 years' private and public practice experience.
He has been a senior finance executive and company secretary in a number of public companies, including Tritton Resources Limited until the recent takeover of that company.
He also worked for PricewaterhouseCoopers in Edinburgh and Perth for five years.
The board of Carnarvon takes the opportunity of thanking Mr Pullia for his loyalty and service to the company.
His decision to stay in Melbourne rather than relocate to Perth is acknowledged and his assistance with a smooth transition is appreciated.
Retirement of non-executive Director
Following the announcement of the company's decision to relocate to Perth, Mr Andrew Shelton has advised the board of his decision to retire as a director at the conclusion of the annual general meeting on 30 November 2005.
Accordingly, Mr Shelton has withdrawn his nomination for re-election as a director of the company.
The Board wishes to thank Mr Shelton for his time and commitment to the company during a very difficult period and his constructive contribution to the current efforts to achieve a commercial settlement with Pan Orient of the company's litigation with Pan Orient's subsidiary, Tiger Petroleum Inc.
It is the Board's intention to appoint an additional director with appropriate skills and industry experience in the near future.