Drillsearch Energy Limited announced Friday that a global search is underway to find a permanent successor to Managing Director and CEO Brad Lingo who is leaving the company by mutual agreement, effective immediately.
Chief Operating Officer Walter Simpson has been appointed as Acting CEO while the search is progressed, with candidates being considered from Australia and overseas.
Simpson joined Drillsearch in March from BG Group subsidiary QGC. He has more than 30 years’ experience in oil and gas, working in a number of roles in the industry worldwide for BG and other companies, including Baker Hughes and BP.
Chairman Jim McKerlie said: “Drillsearch developed a comprehensive succession plan several years ago as part of building our organizational capability.
“As we have grown, we have introduced high caliber people that bring the talent required for the next stage of the company’s development. This planning is evidenced by the Board renewal undertaken a few years ago and by Walter’s appointment as COO and 2IC to Brad Lingo during the last financial year. He will retain the focus on delivering our budget and plan for FY2016 whilst the search is conducted.”
Solid Foundation in the Cooper Basin
In considering CEO succession, the Board felt that Drillsearch would benefit from the introduction of fresh ideas and a different expertise set to guide the company for the next growth phase. The Board also decided that in order to ensure that Drillsearch continues to have clear leadership and to minimize distractions, Lingo would leave immediately.
Lingo has been CEO of Drillsearch for six years, during which time the company has been transformed from a junior explorer into one of the leading mid-tier oil and gas companies on the ASX with production of 3 million barrels of oil equivalent (MMboe) in FY2015. The company recently completed its biggest-ever work program, including 12 new discoveries in the last financial year.
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