Otto Energy Ltd announced Monday the appointment of Matthew Allen to the position of CEO effective immediately, following the mutually agreed resignation of Gregor McNab due to personal reasons.
Since joining Otto as chief financial officer in November 2009, Matthew has played an integral role in implementing Otto’s strategy to build a successful international oil and gas company, through assembling an exploration portfolio of high potential prospects and pursuing the development of discovered fields, and is committed to continuing this strategy for the benefit of shareholders.
Matthew has 14 years of experience in the upstream oil and gas industry and has worked with Otto and previously Woodside Energy. Matthew has had global exposure to the upstream oil and gas industry in Asia, Africa, Australia and the Middle East.
Otto's chairman Rick Crabb said "Firstly, I would like to thank Gregor McNab for his leadership of Otto for the past two years. During this period, Gregor has overseen an increase in the Company’s production and cash flow profile, primarily though the successful Galoc Phase II development, as well as the Company’s onshore East Africa entry. On behalf of my Board colleagues, shareholders and all Otto employees, I extend our well wishes to Gregor as he pursues personal interests.
“The Board welcomes Matthew’s appointment as CEO and we are confident he has the requisite skills and experience to fulfil this role. Over recent years, Matthew has worked closely with Gregor on implementing Otto’s key strategic initiatives and operational projects, and is actively involved in all the Company’s planning tasks and decision-making processes.”
CEO Contract Summary
In accordance with ASX Listing rule 3.16.4, Otto provides the following information in relation to the key terms of Allen's employment contract:
Allen currently has an interest in the following securities of Otto Energy Ltd:
Performance Rights on issue vest according to the following schedule:
TSR means total shareholder return, which measures the change in capital value of the Company's share price over a period, expressed as a percentage of opening value compared to the relative ranking against a group of Otto's ASX listed peer group companies.
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