The reorganization integrates senior executives from Aabar's wholly owned exploration and production subsidiary, Pearl Energy Ltd ("Pearl"), into the existing Aabar management. At the same time, Aabar will unite its financial strength with Pearl's upstream technical capabilities under the single Aabar corporate banner. The combined group will provide a strengthened platform for the company to pursue its ambition to become a fully fledged international oil and gas company with a strong production base and an extensive exploration portfolio.
All senior management appointments will report to David Woodward, Aabar's Chief Executive Officer.
--Mohamed Badawy Al-Husseiny will continue as Chief Financial Officer responsible for the treasury, financial control, insurance and planning & performance management functions throughout the organization. --Keith Cameron is appointed Special Advisor to Mr. Woodward to guide future development of the business and, in particular, any potential gas development opportunities. --Chris Gibson-Robinson is appointed Vice President New Business Development (Southeast Asia) and, until further notice, will fill the position of Vice President Operations. Mr. Gibson-Robinson will be responsible for new business in Southeast Asia and for Aabar's ongoing operations in Indonesia, Philippines, Thailand and Vietnam. --Stephen Giles is appointed Vice President New Business Development (Middle East & North Africa) and will be responsible for growing Aabar's business outside of Southeast Asia. --Richard Lorentz is appointed Vice President New Ventures & Corporate Relations and will lead the development and implementation of the group's corporate communications and investor relations strategy. Mr. Lorentz also will work closely with the VPs New Business Development in pursuing new ventures. --Kelvin Tang is appointed General Counsel responsible for all legal functions throughout the organization.
"The wealth of experience held by Aabar's executive team will safeguard good practice in corporate governance and rigorous risk analysis while developing and implementing a fresh and innovative growth strategy to realize our objective of becoming a mid-size independent exploration and production company within 5 to 10 years," said Mr. Woodward.
Following an extensive strategic review since Mr. Woodward's appointment on 1 February 2007, Aabar will continue to expand its operational base in Southeast Asia and also will focus on establishing a similar presence in North Africa and the Middle East in the near term.
Aabar's net working interest production currently stands at more than 20,000 barrels of oil per day from fields in Indonesia and Thailand. It operates or participates in 19 license and contract areas in Southeast Asia covering a gross acreage of over 128,000 sq. km. Aabar plans to drill some 10 to 15 exploration wells in 2007.
Aabar Petroleum Investments Company is an oil and gas exploration, production and drilling company headquartered in Abu Dhabi and is a public stock company listed on the Abu Dhabi Securities Market.
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