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Gulfsands Petroleum Names Richard Malcolm as CEO
07-22-2008
Gulfsands Petroleum plc (AIM: GPX),
the oil and gas production, exploration and development company with activities
in Syria, Iraq and the USA, announces the appointment of Mr. Richard Malcolm as
Chief Executive Officer.
Richard (Ric) John Malcolm, 56, is currently the Managing Director of OMV (U.K.)
Limited, the UK E&P subsidiary of OMV AG, Austria's largest listed company and
one of Europe's leading oil and gas companies.
Mr. Malcolm is a professional petroleum geologist and has spent 29 years in the
oil industry, serving the past 9 years at OMV in developing OMV's assets
predominantly in the North Sea, Libya, Australia and New Zealand.
Mr. Malcolm's career in the oil industry started in 1980 as a petroleum
geologist for Woodside Offshore Petroleum, the Australian independent oil and
gas intermediate where his work focused on oil and gas exploration on the
Northwest Shelf of Western Australia for over 7 years. Following Woodside, Mr.
Malcolm joined Ampolex Limited, a listed oil and gas exploration and production
company. His roles included senior geologist and Exploration Manager in Western
Australia and later Exploration/ Team Leader for Northern and Eastern Australia.
Following Mobil's takeover of Ampolex Limited in 1997, Mr. Malcolm assumed the
role of Team Leader/ Country Manager for Mobil's interests in Papua New Guinea.
Mr. Malcolm joined OMV in 1999 as head of exploration in Australia and New
Zealand and during his tenure at OMV oversaw OMV's entry into new licences
through farm-ins and acquisitions in Australia, New Zealand and Norway as well
as managing OMV's exploration interests in Libya.
Mr. Malcolm was then appointed as Managing Director of OMV (U.K.) Limited in
July 2006 and has continued in that role until the present during which time he
has overseen OMV (U.K.)'s growth and evolution in operated exploration
activities in the Central North Sea (CNS) in addition to OMV (U.K.)'s
participation in the appraisal of the Jackdaw gas/ condensate discovery in the
CNS and appraisal of the Rosebank oil discovery, West of Shetland Islands.
The appointment of Mr. Malcolm is anticipated to take effect not later than end
October of this year following the completion of formalities associated with his
present employment arrangements.
Upon taking up his position and as a part of his compensation arrangements, Mr.
Malcolm will be granted 1,500,000 options to subscribe for ordinary shares in
the Company. In accordance with the Company's Executive Share Option Scheme, the
exercise price of the options will be 186 pence per share, being the average of
the mid-market closing prices of the Company's shares over the five trading days
prior to the date of this announcement. The options will vest in three tranches,
being 750,000 on the date of his appointment and 375,000 on each of the first
and second anniversaries of his appointment
Gulfsands' Chairman, Andrew West, said:
"The Board welcomes Ric at a crucial moment in the evolution of Gulfsands
Petroleum, just as we are about to commence commercial production in Syria. His
appointment means that we now have a complete and eminently qualified senior
management team to drive Gulfsands to the next stage of its development. I much
look forward to working with Ric and the Company's other senior executives to
build a substantial quoted independent oil and gas company".
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