Drillsearch's New Focus Drives Operational Management Changes
Drillsearch Energy has announced a series of operational changes as part of intensifying the company's focus on development, commercialization and production projects and the growing focus on unconventional resources in the Cooper Basin.
As part of these changes, Chris Carty has requested to step down from his role as Chief Operating Officer of the company and will enter into a 12 month consulting agreement with the company at the end of this year to focus on the company's continuing exploration activities, particularly in the Western Flank Oil Fairway and preparing the company's offshore acreage for farmout. Chris has been instrumental in the company's exploration success to date and he is keen to continue his association with Drillsearch and its exploration assets. This change will also provide greater flexibility for Chris to manage his professional and personal commitments. The company will institute a search for a new operations manager with specific conventional and unconventional resource project development experience consistent with the companies changing focus.
In addition, the Company is in the final stages of employing a new full time senior executive with significant oil and gas commercial project development experience in both conventional and unconventional resources. This person will lead the gas commercialisation project. The company expects to make a formal announcement regarding this appointment in the near future.
Brad Lingo, Managing Director, said, "These changes are part of the Company's strategy of intensifying its focus on the Cooper Basin from both a conventional and unconventional resource perspective. The recent oil strikes in the Western Flank Oil Fairway at Chiton and Marino are exciting discoveries. The contingent resources we have already discovered in PEL 106 across 10 fields form the basis for the Western Cooper Gas & Liquids Project and support our belief that we have significant unconventional resources throughout our large Cooper Basin acreage portfolio. By bringing additional human and capital resources to bear at this time we will be able to deliver the best outcome for shareholders. Our objective is to bring these projects into commercial reality with the single-minded focus of creating significant shareholder value."
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