Sector News

Oilex appoints new Managing Director

March 18, 2016

The Board of Oilex Ltd announces the appointment of Jonathan (Joe) Salomon, currently an independent non-executive director, as the new Managing Director of the Company with immediate effect, following the resignation of Mr Ron Miller today as a director of the Company.

Mr Salomon has over 30 years of experience in the oil and gas exploration and production business in both conventional and unconventional projects and brings specific Indian business and oil and gas expertise. He joined the board as an independent non-executive director in November 2015 and since that time has become fully familiarised with Oilex and its assets, allowing for a seamless transition.

Mr Salomon brings experience and knowledge in company management, consulting and advising, exploration and production project management, business development, new venture identification, acquisition, and strategy and risk management in both small and large companies. He was most recently General Manager for Murphy Oil first in Australia and then in Vietnam where his team was successful in securing significant value additions to the company’s E&P portfolio and in managing high value work programs. Previous roles include Head of Geoscience for RISC Advisory, CEO and MD for Norwest Energy, and executive director roles for a number of ASX listed companies. Mr Salomon spent his formative years working for Ampolex Limited and Mobil (following Mobil’s takeover) and LASMO.

Chairman of Oilex, Max Cozijn, said:

‘The Board appreciates the significant contribution and efforts of Mr Miller, who served as the Managing Director of the Company for more than 3 years, and was also a strong contributor as a non-executive director since July 2009.

We thank Ron for managing the Company through a significant period of its development which saw the first horizontal multi-stage fracked well to be production tested in India. We wish Ron well for the future.

I would also like to this opportunity to welcome Joe’s appointment to MD. Joe’s recent background in managing international exploration and production projects and his track record of providing strong management oversight as well as successfully securing new business opportunities is an ideal skill set for Oilex. Joe’s key focus will be to seek resolution of the issues facing Oilex and to secure value from our existing assets.’

Mr Salomon commented:

‘I am very enthusiastic about the opportunity to serve as Managing Director of Oilex. Oilex’s Indian projects have the technical and commercial potential to transform the Company and we will be seeking to extract maximum value from this.

Our Cambay Project, for example, has the potential to provide a significant contribution to the development of India’s domestic onshore gas industry through the application of up to date tight gas drilling and development technologies.’

Source: OilVoice

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