Pearl Oriental Oil Appoints Deputy Chairman and Directors

Pearl Oriental Oil disclosed Wednesday that it has appointed Mohamad Ajami as Deputy Chairman and Executive Director and Hilal Al-Busaidi as Executive Director with effect from Jan. 26.

Ajami, 58, started his career in North Africa in the oil and gas sector. He developed his mergers and acquisitions business, specializing in the development of major oil and gas resources, and mineral resources in the Gulf, Africa and the Mediterranean Basin. Ajami was also one of the founding shareholders of Ophir Energy, as well as the driving force behind the development of a major liquefied natural gas (LNG) project in the Arabian Gulf.

As part of his employment package, Ajami will be entitled to a director's fee of $100,000 per annum, as well as share options.

Al-Busaidi, 40, started his career with Schlumberger as a field engineer. In Schlumberger, Al-Busaidi worked in Saudi Arabia, Indonesia, Kuwait and Oman and gained experience in exploration well logging, managing the wireline, testing, tubing conveyed perforating and coiled tubing activities, client support services and operations management. In 2002, Al-Busaidi left Schlumberger to start his own ventures. The companies founded by Al-Busaidi includes: Falcon Oilfield Services, Petroleum Services Company, Gulf Energy and Medco.

As part of his employment package, Al-Busaidi will be entitled to a director's fee of $100,000 per annum, as well as share options.


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