01/10/2009 - 10:23

Jones joins Buru, Streitberg takes helm

01/10/2009 - 10:23

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Less than four months after dropping a takeover proposal for Buru Energy, director Eric Streitberg is set to take the helm of the company as former Western Australian minister Peter Jones joins the board.

Less than four months after dropping a takeover proposal for Buru Energy, director Eric Streitberg is set to take the helm of the company as former Western Australian minister Peter Jones joins the board.

Mr Streitberg, who was previously chairman of Buru, will step up to the role of executive director once managing director Adrian Cook resigns at the company's general meeting on October 16.

Buru said Mr Cook has taken up a senior management role with an ASX 200 oil and gas company.

Meantime, Mr Jones will join in a non-executive director capacity.

Earlier this year, Mr Streitberg had proposed to takeover Buru through his private company Arenite, using Buru's existing cash reserves.

However complications arose after delays with third parties relating to contracts Buru had already in place, prompting Mr Streitberg to terminate the takeover in June.

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