Nautical Names New Chief Financial Officer
Nautical Petroleum has announced changes to its Board of Directors which will be effective from October 17, 2008.
Nautical has appointed William Howard Mathers, 32, as Chief Financial Officer of the Company. Mathers joined the Company on October 6, 2008 in the newly created position of Chief Financial Officer. This position has been created in recognition of the substantial growth in the asset portfolio, associated multiple joint venture relationships and anticipated future development financing requirements of the Company. Mathers will also succeed Hemant Thanawala as Finance Director of the company when Thanawala steps down from the board effective October 17, 2008.
Mathers is a Chartered Accountant, qualifying with Deloitte Touche Tohmatsu in Australia and holding a Bachelors degree from the University of Western Australia. Following six years in professional practice, where he specialised in the energy and mining sectors, Will held financial roles with Woodside Petroleum Limited, working in both the USA and Australia for the Exploration and New Ventures business unit. On relocation to the UK, he worked for the Royal Dutch/Shell Group in the position of Global Office Controller for Shell Gas (LPG) in London. Prior to his appointment as CFO of Nautical in October 2008, Will held the position of Group Financial Controller for International Energy Group AG.
In addition, the Company also announces that Ian Williams is standing down from the Board following the implementation of the changes made in the Companies Act 2006 relating to governance and potential conflicts of interest. Since Nautical's Admission to AIM in March 2005, the services of both Williams and Thanawala have been provided to the Company as, respectively, Executive Chairman and Finance Director, under a service contract with International Energy Services Limited.
Williams and Thanawala continue to hold senior executive responsibilities within the wider International Energy Group organisation and its affiliates. The parent company, International Energy Group AG is a major shareholder of the Company and advice to the Nautical Board is that the current structure and management arrangements are no longer considered to be fully compatible with the 2006 Act. It is therefore with considerable regret that Messrs Williams and Thanawala have elected to step down to eliminate any possibility of prejudicing the high standards of governance which have and will continue to guide the Nautical Board.
The Company announces the appointment of Patrick Kennedy as Non-Executive Chairman until a new permanent appointment can be made.
Commenting on the Board changes Steve Jenkins, Chief Executive Officer of Nautical said, "Ian and Hemant's contribution to Nautical since listing on AIM in 2005 has been substantial, with the team successfully progressing its heavy oil focus and raising significant capital to support the development of the Company's portfolio.
"Will Mathers' appointment as Chief Financial Officer also reflects a step change in strength and depth of the full time management of Nautical. The Company is scheduled to submit two significant field development plans for its Kraken and Mariner assets within the next two years, which demands this financial expertise and time."