Orca Exploration Group has appointed W. David Lyons Chairman and CEO with immediate effect. Mr. Lyons was previously Chairman, President and CEO of PanOcean Energy Corporation Ltd., which expanded its business in West Africa until it was sold for approximately C$1.6 billion in 2006. Prior to that Orca was spun off from PanOcean in 2004.
Peter Clutterbuck, formerly Orca's President and CEO, assumes the position of Deputy Chairman. Further organizational changes are in process and will be announced as they are concluded.
"Orca has achieved solid results since listing in 2004 and is now poised to launch an aggressive expansion programme into multiple assets from a strong financial base with a focus on oil exploration. This is intended to diversify risk and lead to a step change in value," stated Mr. Lyons. "This vigorous expansion programme will be delivered by the same team that achieved much success for PanOcean in West Africa, and has been managing Orca since its flotation in 2004."
"We have retained Orca's core management team, and intend to add to it in the coming months," explained Mr. Lyons. "We plan to strengthen the Board, and make the company a platform for growth as a larger independent. Utilizing our strong financial base, which includes our growing business in Tanzania, Orca is in an excellent position to take advantage of weaknesses in the market for the sale of assets and pursue opportunities for corporate transactions that can benefit the Company."
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