Sector News

Robert Cole resigns as Beach Energy MD

September 16, 2015

BEACH Energy’s managing director Robert Cole has resigned for family reasons.

THE Adelaide-based oil and gas producer said Mr Cole had decided it was not possible to return to a full time executive role with Beach after recently taking leave to attend to family matters in Perth.

Neil Gibbins will continue in the role of acting chief executive Officer until a new MD is appointed.

“In the circumstances the board has waived what would otherwise have been notice requirements under Mr Cole’s employment agreement,” Beach said in a statement on Wednesday.

The company added that its executive team and staff were committed to delivering on a new strategy announced on August 12.

Beach recently said it expects oil and gas production to fall in the 2016 financial year as the company cuts exploration drilling activity.

However gas sales volumes are expected to be higher as oil prices remain weak.

Shares in the company were two cents, or 3.85 per cent, higher at 54 cents.

Source: Australian Daily Telegraph

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