Bass Strait Oil Company Limited advises that the Board of Directors has after discussions with the Chief Executive Office (“CEO”), Steven Noske, served him with a formal Notice of Termination after two months from 14 March 2014.
The Company said: “The Notice of Termination does not represent any dissatisfaction with Noske’s performance as CEO.
“The company is currently assessing its future strategic direction and it is planned that this assessment will be completed within the two month notice period. The Board is supportive of Noske in his role as CEO and Noske will continue to act as CEO during the notice period and work with the Board in carrying out this assessment.
“When the assessment is completed, the Board will have further discussions with Noske with a view to him continuing in his role as CEO.”
Press Release, March 17, 2014