Nido advised that the Chief Executive Officer, Mr. Jocot de Dios, has given notice to the Board that he will not be renewing his employment contract when it expires in February 2012. Mr. de Dios has explained that his decision has been made for personal reasons and that he will be relocating to the Philippines.
Mr. de Dios was appointed to the position of Chief Executive Officer in February 2008 and over the last four years has steered the Company through the start-up of the Galoc oil field development, the global financial crisis of 2008, and the drilling of the Yakal-1, Tindalo-1 and Gindara-1 wells.
During this difficult period, Nido successfully maintained tenure over its blocks in offshore Northwest Palawan, the Philippines' most prolific hydrocarbon basin. Mr. de Dios has also presided over the Company's strong relationships with its key joint venture partners, including PNOC Exploration Corporation, Shell Philippines Exploration B.V., and Kairiki Energy Limited.
Commenting on the resignation of Mr. de Dios, Chairman William Bloking said, "Mr. de Dios' understanding of, and ability to navigate through, the local business environment in the Philippines has been invaluable to the Company and we are disappointed to be losing his services. That said, we respect his decision to return home and, on behalf of the Board, the Leadership Team, and all of our staff, I would like to express my sincere gratitude for his significant contributions to the Company over the past four years. We all wish Mr. de Dios and his family the very best for the future."
It is expected that Mr. de Dios will leave the company on or about 20 January 2012. The Board is currently considering its options to ensure a smooth transition and will make an announcement about Mr. de Dios' replacement at the appropriate time.
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