The Board of Nexus Energy advised that the position of Managing Director has been made redundant and accordingly Ian Tchacos has ceased employment effective today with the company.
Michael Fowler said, "Under Ian's leadership, the company has established an attractive asset base and managed the transition from an explorer to a producer whilst navigating the company through challenging times. I wish to sincerely thank Ian for his seven years of dedicated service to Nexus."
The company will now commence a global search for a Chief Executive Officer with Michael Fowler continuing as Executive Chairman to oversee the management of the company and the recruitment process.
Existing directors with international experience will also take a more active role in the short term. In particular, Ian Boserio who has substantial exploration experience through his long tenure as a senior and respected executive with Shell, and Steven Lowden with his global experience as President of Marathon International, will provide valuable direct assistance with the commercialization of the Crux asset.
The Nexus Board remains focused on maintaining the safe production from the Longtom gas project and committed to the commercialization of the Crux asset which is a priority for the delivery of full value of the company's asset base.
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