As foreshadowed in our announcement on 20 November 2006, Mr. Bruce Wood has been confirmed to succeed Mr Phillips as managing director with effect from 1 September 2007. Mr. Phillips will continue as an employee of the Company until 31 December 2007 as an advisor to the Board.
AWE’s Chairman, Mr. Bruce McKay said:
“We first announced this transition in November last year: since that time, the Company has made even further progress with its cornerstone projects, most recently bringing on stream the Tui Area oil project in New Zealand and we have reported record production levels, record sales revenue and a record profit.
“Bruce Wood joined AWE in April and was appointed executive director, Business Development; he is now well positioned to assume the managing director’s role. He has had a successful career with significant Australian and international industry experience with BHP Petroleum, Shell, Triton Energy, his own consultancy Gas Strategies, Santos and Delhi Petroleum. We look forward to him consolidating the company’s achievements and pursuing opportunities for continued growth and we remain committed to improving the value of AWE and delivering increasing shareholder returns.
“The Board of AWE is greatly indebted to Bruce Phillips for his exceptional contribution to the company, its shareholders and its employees for more than ten years. We thank him for his invaluable service and outstanding leadership and we sincerely wish him all the best in his future endeavors.”
Mr. Bruce Wood said:
“I am honored to have been offered this opportunity to become the managing director of AWE and to lead a proven and professional team that has such a proud history of delivery to shareholders. I am committed to working to maintain the outstanding reputation Bruce Phillips and the team has developed over the past 10 years. AWE has delivered strong financial results through a very disciplined approach to investment and excellence in all areas of its operations including an outstanding record in environment and safety management. I am committed to continuing this enviable tradition.”
In respect of Mr. Wood, a summary of the key terms of his Executive Services Agreement executed today is attached and an Appendix 3Y Change of Director’s Interest Notice will be lodged separately.
In respect of Mr. Phillips, an Appendix 3Z Final Director’s Interest Notice will be lodged separately.
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