Nido hooks new managing director

International oil executive Michael Fischer has been named Nido Petroleum’s new managing director.

He will begin the role in early September.

Nido had been searching for a new managing director since March, when then managing director Philip Byrne told the company of his plans to resign at the end of April.

Mr Byrne left the company on good terms after overseeing the completion of its acquisition of Galoc Production Company in February.

Dr Fischer was most recently the director of Ophir Energy’s African business, having worked for the company for nine years in various management positions.

He brings with him extensive experience in oil exploration as an exploration geologist for British Petroleum and exploration management positions with Woodside, OMV, and Ophir.

Nido has oil production and exploration operations in the Philippines, with additional exploration in Indonesia.

The company is 81.4 per cent owned by Thai oil refiner Bangchak Petroleum, through wholly owned subsidiary BCP Energy International.

Nido’s chair William Bloking has been running the company as executive chairman since Mr Byrne resigned.

Mr Bloking’s role will return to that of non-executive chairman after the leadership transition.

Dr Fischer is being brought in on the same $560,000 per annum salary (inclusive superannuation) as previously received by Mr Byrne.