05.08.08
Directorate and Management Changes
Directorate and Management Changes
PetroLatina (AIM: PELE), the oil and gas exploration and production company focused on Colombia, with additional interests in Guatemala, announces the following Directorate and Management changes.
Directorate changes
Juan Carlos Rodriguez (46), currently interim Chief Executive Officer of the Company, will become Chief Executive Officer with immediate effect. As previously announced on 2 November 2007, Juan Carlos Rodriguez has been President of the Company’s Colombian subsidiary Petróleos del Norte S.A. (“PDN”) for several years and is an experienced oil and gas operator supported by an operational team of more than 40 people. He is also highly respected within the business community in Colombia.
Ciro Méndez (33), currently a Non-executive Director will become an Executive Director with immediate effect.
Mark Patterson has informed the board that he intends to step down as a Non-executive Director of the Company with effect from 5 August 2008. Accordingly, the board of the Company has elected to withdraw Resolution 4, relating to the reappointment of Mark Patterson as a Non-executive Director, which was to have been proposed at the Company’s Annual General Meeting to be held later this morning.
Menno Wiebe (60), has agreed to join the Company as a Non-executive Director with effect from 6 August 2008. Mr Wiebe has 36 years of energy industry experience as a geologist, manager and executive in international exploration and development projects in Latin America, Asia and the North Sea. He was, until recently, based in Bogota as Vice President of Exploration for Solana Petroleum Exploration (Colombia) Limited, a very active exploration and production company in Colombia. He also previously served as a director of Avalon Oil and Gas, an officer and director of Deep Well Oil and Gas and as the CEO and a director of Pertacal Energy Inc., of Calgary, Canada. Mr Wiebe was the Vice President and General Manager of Hall-Houston Oil Company in Kuala Lumpur, Malaysia for 8 years and General Manager of Husky Oil Limited in Jakarta, Indonesia for 4 years. In addition, as the owner of Jacobean Resources, a private consultancy firm, he has conducted exploration and development evaluations in Yemen, Paraguay, onshore UK and Colombia. He held senior geologist positions with Bow Valley Industries (Indonesia), Occidental Petroleum (Libya, Scotland, USA, India and Australia) and Hudsons Bay Oil and Gas (CONOCO) in Canada. His educational background includes a BSc (Honours) in Geology from the University of Manitoba, Canada and an MBA from the University of Warwick, England.
Management change
Sebastien Garnier (33), currently Administration and Finance Manager of PDN, will become a member of the senior management team as Chief Financial Officer of the Company with immediate effect. Sebastien Garnier has been PDN’s Administration and Finance Manager for the past 3 years, and has more than 10 years’ experience within the International Oil and Gas Industry. He previously held the same position within a Total subsidiary in South East Asia, Friedlander Ortec Group in Africa and Perenco in Colombia. Sebastien holds a Masters degree in Finance from Paris-based E.S.I.A.E (International Superior School of Business Management). He also holds a degree in Mathematics and Natural Sciences.
Luc Gerard, Executive Chairman, commented:
"We are very pleased to have Juan Carlos and Sebastien step up to the role of CEO and CFO respectively. They bring a wealth of experience and knowledge that will be invaluable to the future development of the Company.
We are sorry to see Mark step down from the board and wish him well in his future endeavours.
We welcome the appointment of Menno, an industry veteran, to guide the Company’s investment in Latin American opportunities. Menno has a great deal of experience in South America, not only in terms of regional relationships but also in day to day production that will be of significant benefit to the future development and growth of PetroLatina.”
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