AED Welcomes New CEO
AED announced the appointment of Mr. John F. Imle, Jr. to the role of Chief Executive Officer, effective May 1, 2011. John was invited by the AED Board to take the CEO position in order to strengthen the operational and technical focus of the Executive team and manage the critical next stages of AED's significant exploration, appraisal and development programs. His immediate priorities are to augment the existing management team, direct value adding programs and attract the additional capital required for enhancing the value of the Company's assets. John will also continue in his role as a Director of the Company.
John originally joined the Board as Nations Petroleum's representative in early 2010, following AED's acquisition of Nations' assets in Indonesia (Rombebai and South Madura PSCs) and Brunei (Block L). John's appointment as CEO is concurrent with John stepping down from his role at Nations Petroleum. He has operational knowledge of AED's assets in Brunei and Indonesia and, as a petroleum engineer, brings over 40 years' experience in the oil and gas industry to the post. His career highlights include operations management and Executive-level positions at the U.S. energy company Unocal Corporation. He became Unocal's Head of Global Oil, Gas and Geothermal and then rose to the ranks of President and Vice Chairman. He served on Unocal's Board of Directors for over 10 years.
"I'm excited about the potential of AED's portfolio," John said. "The recent confirmation of the positive results from our exploration wells in Block L, Brunei should, once appraised and developed, provide substantial cash flow in the medium term. Modern 3D seismic surveys over the Jerudong Oil Field, also in Block L, should lead to early gas and oil production, which supports AED's confidence in the block. In Indonesia, we have recently announced a two-year extension of the exploration contract at Rombebai. We believe there is an opportunity for a gas discovery of LNG scale and that the potential to acquire new 3D seismic in the South Madura PSC, will help identify further potential prospects."
"These opportunities combine to make AED an attractive opportunity for investors and strategic partners alike. I have confidence that with appropriate funding, AED's current Asian portfolio will develop into a significant group of producing assets. This is in addition to AED's Puffin and Talbot Fields in the Timor Sea which, given higher oil prices and advancing technology, should prove commercially attractive. The operator, Sinopec, is reviewing new seismic data and will issue reports and recommendations in the near future."
AED Chairman, Mr. David Dix, welcomed John's appointment, "AED will benefit from John's extensive experience. I am excited about his appointment as he already knows the AED team and Board well and I'm confident he will work successfully with them as the Company continues to enhance its high-impact portfolio. I will assist John during a handover period (approximately three months), after which I plan to continue serving AED in the role of Non-Executive Chairman."
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension