Perth-based oil and gas explorer TTE Petroleum has recruited former Liquefied Natural Gas boss Maurice Brand as part of a board restructure that includes the resignation of current chair Darren Levy and the movement of chief executive Paul Garner to a non-executive role.
Mr Brand joins TTE after resigning from the board of LNG, a company he founded, in July.
He served as managing director of LNG for several years before moving on to an executive director role, which he held until his resignation.
At TTE, Mr Brand will replace Mr Levy as executive chairman, with former LNG commercial manager Garry Triglavcanin also joining the board of TTE as an executive director.
TTE chief executive Paul Garner will transition to the role of non-executive director, while Bradley Simmons has resigned as a director.
“As previously communicated to shareholders, TTE has been assessing a number of energy projects for some time and the global energy related opportunities presented by Maurice Brand and Garry Triglavcanin have the potential to deliver significant value to our shareholders and capable of being advanced in a very short time frame. They are compelling,” Mr Garner said in a statement.
“Maurice has an outstanding track record in the global oil and gas sector and has a proven ability to convert concepts into very large energy projects.
“This is best evidenced by the company he helped create in Liquefied Natural Gas, a significant ASX-listed success story.
“Maurice also becomes a major shareholder in TTE investing his own capital in the Company, and we are confident that he will deliver long term shareholder value to TTE.”
Mr Brand said TTE was an excellent investment opportunity and a platform to create a global energy business at the right time in the cycle.
“We have been assessing a number of unique energy opportunities that we will look to progress in early 2017,” he said.
The board change-up was announced on the same day TTE raised $1.2 million through the placement of 836.1 million shares to institutional and sophisticated clients of Foster Stockbroking.
“The funding from this placement provides the necessary funding to deliver some near-term value to shareholders and we look forward to progressing these opportunities,” Mr Brand said.
TTE holds an 18.5 per cent stake in an exploration permit in the Perth Basin (AWE owns the balance), and a 30 per cent working interest in a 30 per cent working interest in a producing oil field in Texas.
TTE shares surged on news of the board changes; they were up 50 per cent, or 0.1 cents, to 0.3 cents each at midday.
