West Perth-based Golden Gate Petroleum Ltd has appointed Stephen Graves as its new managing director.
Sam Russotti, the current chairman and chief executive will move to the position of non executive chairman.
Mr Graves has worked for Mobil Corporation and affiliated companies for 23 years. He has also been an independent
consultant to the energy industry, a senior consultant to Ernst & Young and has extensive experience with funding
infrastructure projects.
Most recently Mr Graves was executive chairman of Orchard Petroleum and has been working as a consultant to Golden Gate. Like Golden Gate, Orchard was transformed from a purely exploration company to a company with reserves and production that was eventually taken over in April 2007.
Over the past year Golden Gate Petroleum completed four discoveries out of five wells drilled and doubled its production. It has now built an operating capability in both Texas and Louisiana.
Graves remuneration package will be US$300,000 ($331,000), and subject to shareholder approval, will include the issue of 5 million options exercisable at 35 cents each and expiring on or before 30 October 2010 and will vest following 12 months of service.
