Otto Energy Ltd advises that Mr Paul Moore, Managing Director of Otto Energy Ltd has given notice of his resignation effective close of business Friday, 1 July 2011.
Mr Moore has explained that his decision, not made lightly, was for personal reasons and he will be relocating overseas.
The Board has commenced a formal search for a new CEO. Mr Moore will work closely with the Board and management over the coming 3 months to continue with ongoing business growth and operations and ensure a smooth transition.
Non executive director Mr Ian Boserio will provide assistance to the management team and new CEO where necessary to further ensure successful business delivery.
The Company has an experienced and stable senior management team in Perth and Manila who will ensure all Company operations remain on schedule.
“Although disappointed to be losing his services, the Board understands Mr Moore’s decision and we wish him and his family all the best for the future.” Otto Energy said in a statement.
Otto Energy has experienced significant growth since it listed on the ASX in 2004.
The Company has assembled a balanced portfolio of highly prospective onshore and offshore oil and gas projects in The Philippines. In October 2008, Otto transformed from sole explorer to an explorer/producer with production commencing at the Galoc oil field in the Philippines.
Otto continues its business growth with a focus on East Africa and South East Asia.
Source:Otto Energy , April 6, 2010;