Kairiki Names New Managing Director

Kairiki has announced the appointment of Laurie Brown as its new Managing Director effective November 18, 2008.

Laurie is currently an executive director and has been instrumental in establishing and building Kairiki's oil and gas asset base from 2006 to its current international portfolio located in the Philippines, Tunisia, Italy and Romania. Brown's remuneration will be $210,000 per annum, inclusive of superannuation.

Craig Gumley, Kairiki's previous Managing Director, has resigned to pursue other business interests. The board thanks Craig for his contribution to Kairiki over the past year and wishes him well in his future endeavours. Paul Fry will assume an Executive Chairman role with the company, having previously been non-executive Chairman.