Horizon Oil Limited Chairman to Retire

Australia’s Horizon Oil Limited announced Tuesday that its chairman, Fraser Ainsworth, will retire from the board at the conclusion of the company’s annual general meeting Nov. 20.

Ainsworth served as the chairman of the Horizon Oil board since April 2002. Under his leadership, the company’s portfolio evolved from a spread of non-producing exploration ventures to material interests in two producing fields in New Zealand and China and a large gas/condensate play in Papua New Guinea, which is currently under development. John Humphrey will take over the role of chairman upon Ainsworth’s departure, and the company is expected to recruit two new non-executive directors in the near future.

Commenting on his departure, Ainsworth said in a company statement:

“It has been a great privilege to chair one of Australia’s leading mid-cap oil and gas exploration, development and production companies and work alongside a fine management team and board. I believe that it is in shareholders’ interests for board renewal to take place, by way of an orderly process. I will hand chairmanship over to Mr John Humphrey following the annual general meeting. It is intended that two new non-executive directors will be appointed to the board during the next twelve months to replace John and I. It is also intended that John will then retire at the 2016 annual general meeting or soon after.”

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