AED has appointed Richard Price as an independent director of the Company effective May 14, 2007.
Mr. Price has had extensive experience in the provision of strategic, corporate and financial advice to major public companies over the last 20 years. Richard is an executive Director within Macquarie Bank's Investment Banking Group, with particular expertise in the resources and energy sectors. He has an honors degree in Civil Engineering and a Masters of Business Administration, both from the University of Melbourne.
Mr. Price will increase the number of independent directors on the AED Board from two to three, joining John Branson and Barry McGuiness.
AED has also appointed Richard Little as the new Chief Financial Officer, effective May 14, 2007. Mr. Little has had a distinguished career in accounting and finance and, for the last seven years, has worked in the resources industry with Newcrest Mining Limited. For the last four years, he held the position of General Financial Reporting Manager.
Prior to joining Newcrest, Mr. Little worked with Deloitte Touche Tohmatsu for ten years in assurance and advisory services.
Trevor Slater, the present Chief Financial Officer has been appointed to head up a new team managing crude oil marketing and will commence this role effective from May 14, 2007. Mr. Slater will continue in his existing role of Company Secretary and member of the AED audit and risk committee.
Elizabeth Back will remain as Legal Counsel for AED, but step down as joint Company Secretary.
Subsequent announcements in relation to the appointment of technical personnel and on the production geology and geophysics side will be announced in due course.
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