Melrose Chief to Retire
Melrose Resources announces that David Curry, Chief Executive of Melrose, has given notice that he intends to retire from the company not later than November 1, 2007. The company will seek to appoint a new Chief Executive from outside the group before this date to allow a smooth and orderly transition.
Melrose also announces the appointment with immediate effect of David Archer as executive director with the title of Operations Director. Mr. Archer has been Melrose's country manager for Bulgaria since 1999 and in that capacity had responsibility for the development of the Galata gas field. Prior to joining Melrose, Mr. Archer had extensive oil industry experience, mainly with BP and Texaco. Mr. Archer was awarded the OBE in 2002 for services to British industry and foreign investment. The Company has no information to disclose in respect of the appointment of Mr. Archer with regards to the requirements under Listing Rule 9.6.13.
Commenting on this, Robert Adair, Chairman, said:
"I am very grateful that David Curry has given us plenty of notice of his intended retirement as this gives us time to ensure that we find a worthy successor to help take the group to further heights. We will be working hard to find a suitable replacement to lead Melrose through its next key stages of growth and to provide new leadership to our extremely talented team.
David Curry has had a pivotal role in the development of Melrose from a small unlisted company to a current market capitalization of c.£380m. I have very much enjoyed working with him and I am personally very grateful for his input. We all wish him every success in the new ventures which he intends to pursue after retiring from Melrose.
David Archer has taken the role of Operations Director of Melrose. He has worked successfully for us in Bulgaria and I am pleased that he has accepted this appointment so that we can use his skills more widely within the group. Following the recent acquisition of Merlon Petroleum, Melrose has assumed operatorship of our properties in Egypt. We have a number of important development projects underway in Egypt and David Archer's experience will be very valuable in helping to deliver on these projects."
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