Oilex Ltd.’s (OEX.L) board advised that, Bruce McCarthy, Managing Director, requires an extended period of medical leave. Following this, McCarthy has proposed becoming a Non-Executive Director of Oilex, while the board has agreed to his proposal. In doing so, the board is confident that continuity would be retained in relation to Oilex’s business ventures.
Considering these changes, the board would appoint an executive search organisation to assess both internal and external candidates to assume the role of Managing Director or Chief Executive. During this interim period, Non-Executive Director, Ron Miller, would fill the position of acting Managing Director based in Perth. Chief Operating Officer, Mike Maloney, would continue to be based in India and focus on developing Oilex’s flagship asset, the Cambay Tight Oil and Gas Project.
Concurrently, the board has named Robert Ierace as Chief Financial Officer and Company Secretary of Oilex Ltd. Consistent with prior statements in relation to board size, Ierace would not be joining the board as a director at this time. He would commence his role at the end of January 2013.
Click here to receive FREE breaking news email alerts for Oilex Ltd and others in your portfolio
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com