Just had a look at the the North American investor Presentation for AJQ (from the 1st March this year). It appears that it is the former CEO Mr McNamara who has left so nothing untoward here...
In fact, I think its simply a case of Mr McNamara being replaced with a CEO who has a stronger Oil and Gas Background than Mr McNamara, who appears to have more of a coal background. It seems Mr McNamara was the only board member without extensive Oil and Gas experience. Well that's at least what the presentation tells me...
From the PResso ..
Philip McNamara, Chief Executive Officer ? B.Eng (Mining) ? 30 years experience in Australian resource industry ? Former Managing Director of Waratah Coal
He was replaced by:-
Mr Robbert de Weijer. B.Eng (Mech)
An international oil and gas executive experienced in high volume field operations at both exploration and development stages and in the delivery of cost improvements and project performance with a track record for creating capable, motivated and delivery-focused teams. Mr de Weijer’s early career was with Shell International managing operations in Europe, the Middle East and Asia culminating in managing Shell’s North Sea assets including 53 offshore gas platforms, 1,500 Shell and contractor staff and capital and operating budgets in excess of US$1.6 billion per annum. Previously Chief Operating Officer of Arrow Energy Ltd, a Coal Seam Gas company operating in 5 different countries and acquired by Shell in 2010. Whilst at Arrow Mr de Weijer was instrumental in the company achieving a number of major project milestones during a period of rapid expansion, including substantial reserves upgrades, increasing gas production, and improvements in drilling and development activities. Mr de Weijer’s most recent role was as CEO (Australia) for Dart Energy Ltd an unconventional gas exploration and production company operational in 8 countries. Robbert de Weijer joined Armour Energy as CEO in July 2013 to drive the Company’s project and corporate development initiatives.
All is IMHO, DYOR to confirm
AJQ Price at posting:
27.5¢ Sentiment: Buy Disclosure: Held
