ceo appointment and strategy review

Sad to see Tim go but in view of Molopo's situation a drastic re-think was necessary.

CEO APPOINTMENT AND STRATEGY REVIEW

Molopo Energy Limited (ASX: MPO) today announces that, effective immediately, Mr Steven Cloutier will succeed Mr Tim Granger as Molopo’s Chief Executive Officer and
Managing Director.

Steve Cloutier has more than 23 years’ experience in commercial legal practice and oil and gas. He was the President and a co-founder of APF Energy Trust (1996-2005) and Rockyview Energy Inc. (2005-2008), both listed on the Toronto Stock Exchange. Under his leadership, these entities drilled more than 1,000 wells and executed on approximately $2 billion of merger, acquisition and divestiture activity. In addition to APF and Rockyview, Mr. Cloutier has sat or sits on the boards of a number of exploration and production companies, including Millennium Energy Inc., Star Point Energy Trust, Cumberland Oil & Gas Ltd., Ki Exploration Inc., and Kallisto Energy Inc. Since 2009, Mr. Cloutier has been the President & Chief Executive Officer of Skyridge Capital Corporation, a private company that provides corporate finance and M&A advisory services with a particular emphasis on the upstream energy sector. He holds a Bachelor of Arts from McGill University and a Juris Doctor (Bachelor of Laws) from the University of Victoria (Canada).

Commenting on Mr Cloutier’s appointment, Molopo’s Chairman, Mr Greg Lewin, said, “The Board has engaged Steven Cloutier, to deliver a strategy of maximising the return to shareholders from the Company’s current assets which as at 31 December 2012 included approximately US$70 million cash and 950 boep/d production; 26,000 acres in West Texas in the prospective Wolfcamp formation; 47,000 acres in Saskatchewan;900,000 acres in South African onshore gas projects with a production right and 1.4 million acres in Quebec prospective for shale gas.

The last twelve months has seen our understanding of the Company’s upstream assets significantly improved through drilling and technical evaluation, and the Board believes strongly in the value of these assets, particularly the Wolfcamp in Texas. The Molopo share price is, however, not reflective of that value.

Steven’s track record of realising shareholder value appreciation in his previous companies, together with his entrepreneurial approach, provide the Board with
confidence that he can successfully lead the Company to value maximisation for Molopo’s shareholders.”

A special Board committee has been formed to oversee and assist Mr Cloutier in developing and implementing a strategic review to enhance shareholder value. This
committee will be Chaired by Mr Don Engle, with Mr Garry Cameron, Mr Brian Straub and Steven Cloutier as members. It is expected that details of the strategic review will be announced before the end of the first Quarter of 2013.

The Company confirms that Mr Granger will be paid in accordance with his contractual severance entitlements and Company policy, cash STI benefits to 31 December 2012 and other entitlements payable in accordance with applicable law.

The Company wishes to thank Tim Granger for his contributions to Molopo during his tenure.

Details regarding Mr Cloutier’s terms of employment are summarised as an appendix to this announcement.

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Mr. Steven Garfield Cloutier, BA, LLB served as the Chief Executive Officer and President at Rockyview Energy Inc., from June 2005 to January 2008. Mr. Cloutier served as the President, Chief Operating Officer, Corporate Secretary and Treasurer at APF Energy Trust from 2002 until its merger with StarPoint Energy Trust in 2005. He served as Executive Vice President and Chief Operating Officer of APF Energy Inc. from October 1998 to June 2005. He co-founded Millennium Energy Inc., in 1995. He served as Executive Vice President, Chief Operating Officer and Secretary of Millennium Energy Inc., (formerly Bear Creek Energy Ltd). He has more than 15 years' combined experience in oil and gas, corporate finance, mergers and acquisitions, and law. From 1996 to 1998, he served as Vice President of Corporate Development at APF and was promoted to Executive Vice President and Chief Operating Officer positions. He has been directly involved in oil and gas transactions worth approximately $2 billion. From 1985 to 1987, he worked for a Montreal-based wealth management company. He commenced his legal career in Toronto where he practiced corporate law and in 1994 he moved to Calgary joining Skyridge Resources Inc., a private oil and gas company and served as Vice President of Corporate Development. Mr. Cloutier has been the Chairman at Warnic 1 Enterprises Ltd. since January 2010. He serves as the Chairman at Cumberland Oil & Gas Ltd. and has been its Director since October 13, 2006. He serves as Director of Kallisto Energy Corp. He served as a Director at Rockyview Energy Inc., since May 19, 2005 and APF Energy Trust since December 8, 1995. He served as a Director of Bear Creek Energy Ltd. He graduated in 1985 from McGill University with BA degree in Industrial Relations and Labour Relations and in 1989, he graduated with LLB from the University of Victoria Law School.