Drillsearch Renews MD Contract, Discloses Employment Terms

Drillsearch Energy disclosed Thursday that it has extended the employment contract of its Managing Director Brad Lingo.

Lingo, who was appointed as Managing Director June 15, 2009, has agreed to enter into a new employment agreement.

Drillsearch's Chairman Jim McKerlie noted that Lingo's new remuneration package reflects his qualifications and experience while also reinforcing alignment with shareholder interests.

Lingo will draw $748,852 (AUD 725,000), inclusive of a superannuation of $25,833 (AUD 25,000), under his new employment agreement. In addition, Lingo will be able to earn up to an additional $309,870 (AUD 300,000) upon satisfaction of his annual targets.

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