Australia's onshore exploration company New Standard Energy Ltd. announced Monday that (Bruce) Li Hua has been appointed managing director of the company, replacing incumbent Phil Thick who resigned as a director of the firm.
Prior to his appointment, Li, who has experience in business management and international trade with many large enterprises in China, was general manager of Beijing Hanrende Trade Co., Ltd. -- a firm which trades silicon steel, other metal materials and power products within China.
In a related development, Zhang Dongbo has been named non-executive director of New Standard Energy, while Song Hui assumes the role of non-executive chairman, succeeding Arthur Dixon following the latter's resignation.
Meantime, the Board and New Standard Energy's major shareholder Huizhou Energy are finalizing approvals for the previously planned and announced fully underwritten rights issue as the strategic direction of the firm is considered.
In addition, Huizhou Energy has decided following a technical review of New Standard Energy's Carnarvon Basin onshore permits, EP481 and EP482, that it will not proceed with new work programs or renew the permits when they expire.
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