Max Picks Johnson for CEO, Restructures Board of Directors
Max Petroleum, an oil and gas exploration and development company focused on Kazakhstan, is pleased to announce the appointment of Mark L. Johnson as Chief Executive Officer and a member of the Company's Board of Directors with effect from 22 January 2008.
Mark has over 26 years' experience in the oil and gas sector, including 24 years with major oil and gas companies. With degrees in both mechanical and petroleum engineering, Mark has held senior positions with British Gas, Chevron, Texaco and Transworld E&P, with global experience in Kazakhstan, the Middle East, West Africa, Trinidad & Tobago, and the United States.
Mark was the Managing Director of the North Buzachi project in Kazakhstan for ChevronTexaco from 1998-2003, where he established the first Texaco subsidiary operating in Kazakhstan, initiated production operations that grew to more than 9,000 barrels of oil per day ('bopd'), secured government approval to further increase production to 42,500 bopd and ultimately negotiated the sale of the subsidiary to the Chinese National Petroleum Company in 2003.
Max Petroleum also announced today plans to restructure its Board of Directors. In conjunction with Mark Johnson joining the Company as a Director and CEO, Jim Jeffs will move to non-executive Chairman of the Board, Lee Kraus and Bob Holland will resume their roles as non-executive Directors, and Michael Young will join the Board as Finance Director. Messrs. Jeffs, Holland, and Kraus will form an executive committee of the Board, and Mr. Kraus will continue to oversee the Company's farm-out process. The Company will provide the information required to be disclosed under Schedule 2(g) of the AIM Rules for Companies for Messrs. Johnson and Young regarding their appointments to the Company's Board in a separate announcement which will follow as soon as practicable.
"The appointment of Mark as CEO means that Max Petroleum now has the senior management team in place to implement its ambitious growth plans," said Max Executive Chairman Jim Jeffs. "We have met the challenges of 2007. The Company is in as strong a position as ever to capitalise on its highly prospective assets in Kazakhstan. I am confident Mark is the individual to lead us in the exciting period ahead."
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