Oilex Ltd Appointment of New CEO & Director (0777C)
June 16 2021 - 2:30AM
UK Regulatory
TIDMOEX
RNS Number : 0777C
Oilex Ltd
16 June 2021
ASX-RNS Announcement
16 June 2021
ASX: OEX
AIM: OEX
Appointment of New CEO & Director
Oilex Ltd (Oilex or the Company) is pleased to announce the
appointment of Roland Wessel as Chief Executive Officer and as a
Director of the Company, effective 16 June 2021. Roland's
appointment is a significant addition to the Oilex senior
management team, and the Board of Directors believe he will play an
instrumental role in leading the Company through a new and
ambitious growth phase.
Roland is a geologist with 45 years' experience in all of the
world's major oil and gas regions. Roland founded and built Star
Energy, the UK onshore operator of 25 oil and gas fields, through
to its listing on AIM in 2004 and its sale to Petronas in 2008.
During its evolution, Star Energy grew rapidly through acquisitions
and diversification, culminating in it becoming a major gas storage
developer and operator. Throughout his career, Roland has founded
and managed a drilling services company and has developed and
patented several key oilfied technologies. He has extensive
experience in both project and corporate management. Roland aims to
bring further growth and innovation to Oilex with an initial
emphasis on generating strong cash flows from the Company's Cambay
gas field and expanding Oilex's UK interests.
Roland and the Board believe in the crucial ongoing role that
natural gas will play in the energy transition as part of a mix of
energy sources required over the next 30 years. Roland will seek to
transform Oilex into a carbon-neutral company with carbon capture
and storage (CCS) being one future area of focus.
Joe Salomon, the current Managing Director and interim Chairman,
will assume the position of Executive Chairman for an interim
period before moving to a Non-Executive Chairman role, concurrent
to Roland Wessel's appointment, thus providing continuity for the
Company's projects in India and the UK. Joe and Roland are
supported on the Board by a CFO, and two independent Non-Executive
Directors.
Oilex's Managing Director, Mr Joe Salomon, said: "We are very
pleased that Roland has joined Oilex to lead the Company through
the next phase of its development. Roland's background is a perfect
fit to take the Company forward in its key operational areas and
his breadth of experience brings additional capabilities to the
Company. I look forward to working closely with Roland as we move
into a new exciting phase of Oilex's growth."
Additional Information on Mr Roland Wessel, aged 68
The following additional information is provided in accordance
with paragraph (g) of Schedule Two to the AIM Rules for
Companies:
Current Directorships or Partnerships Directorships or Partnerships
Held held within 5 Years
Trans European Oil & Gas Ltd CMR Energy Limited
Innova Drilling & Intervention Irminio Srl
Limited
JSB Sicilia Srl
MR Italia LLC
Wessel Services Limited
Mr Wessel does not currently hold any shares, or an interest
over shares, in the Company.
There is no other information that is required to be disclosed
pursuant to paragraph (g) of Schedule Two to the AIM Rules for
Companies.
For and on behalf of Oilex Ltd
Joe Salomon
Managing Director
For further information, please contact:
Investor Enquires AIM Broker AIM Nominated Media Enquires
Oilex Ltd Novum Securities Adviser (UK)
Joe Salomon B roker Strand Hanson Vigo Consulting
Managing Director Colin Rowbury Limited Investor Relations
Email: oilex@oilex.com.au Email: Nominated Adviser Patrick d'Ancona/Chris
Tel: +61 8 9485 crowbury@novumsecurities.co Rory Murphy/Ritchie McMahon
3200 m Balmer Email:
Australia Tel: +44 20 Email: patrick.dancona@vigoconsult
7399 9427 oilex@strandhanson.co.uk ing.com
UK Tel: +44 20 7409 chris.mcmahon@vvigoconsulti
3494 ng.com
UK Tel:+ 44 20 7390
0230 UK
SUMMARY OF KEY TERMS OF EMPLOYMENT FOR ROLAND WESSEL
This summary below sets out the key terms and conditions of the
executive employment agreement (Agreement) between Mr Roland Wessel
and Oilex Ltd.
Commencement of employment and appointment
Mr Wessel's employment with Oilex is effective from 16 June
2021.
Position
Mr Wessel is an Chief Executive officer and Director of the
Company.
Term
The appointment shall continue until terminated by either
party.
Salary
Mr Wessel's Fixed Annual Remuneration (FAR) is GBP150,000 per
annum, plus a contribution of 5% of annual salary to a qualifying
pension fund.
Termination
Mr Wessel may resign by giving Oilex 3 months' written notice.
The Company may terminate Mr Wessel's employment by giving 3
months' written notice.
Restraint Clauses
Mr Wessel is restrained from engaging in competitive business
with the Company, or soliciting clients, employees or contractors
from the Company, during his employment and for 12 months
thereafter.
Confidentiality Provisions
Standard confidentiality provisions apply.
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END
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