23 Dec 2007
Austral Pacific announces the appointment of Peter Hazledine of Wellington, New Zealand, as a new director of the Company, effective from 1 January 2008.
Mr. Hazledine’s addition will strengthen the Board’s experience in the petroleum production sector. The Company’s Chairman, Peter Hill, commented “We are delighted to welcome such an experienced and knowledgeable industry participant to our Board. We look forward to the benefit Austral will obtain from his wide range of business, reservoir and production engineering experience.”
Mr. Hazledine is a New Zealander with 35 years experience in the international E&P industry. He spent 30 years with the Royal/Dutch Shell Group in Africa, the Middle East, New Zealand, Europe, and South America. He worked initially as a petrophysicist and production technologist, moving into operations engineering and management (including 10 years with Shell’s New Zealand operating company, Shell Todd Oil Services, on the Maui and other Taranaki fields). He left Shell in 2004, to take up a senior management position with Vector Gas (formerly NGC), the principal gas distributor in the New Zealand market. He is leaving this role to pursue a more diverse portfolio of opportunities. Mr. Hazledine has a B.SC (Hons) in mineral technology from Otago University, in Dunedin, New Zealand. He is a member of the Institute of Directors in New Zealand.
In line with its standard directors remuneration policy, the Company will grant Mr. Hazledine 60,000 incentive options upon appointment, exercisable for 5 years, at market closing price, one-third vesting on each of 12, 18 and 24 months after issue.
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