Sydney - Tuesday - May 29: (RWE Aust Business News) Mining...

Sydney - Tuesday - May 29: (RWE Aust Business News)
Mining executive Clive Palmer has called on shareholders of ASX-listed junior exploration and production company Central Petroleum Limited (ASX-CTP) to dump its current board and reinstate founder John
Heugh as managing director.
Mr Palmer, who is Central's largest shareholder through his company Petroleum Nominees Pty Ltd, has urged shareholders to reject the appointment of former Queensland Gas Company head Richard Cottee as Managing Director and reinstate Mr Heugh.
"The decision by the current board of Central Petroleum to terminate Mr Heugh is not in the best interests of the company and needs to be put right," Mr Palmer said.
"Petroleum Nominees has also been very disappointed with the performance of the Central Petroleum board and the direction they have proposed to take the company.
"We believe they should be dismissed and the decision to appoint
Mr Cottee as Managing Director revoked."
Mr Palmer said Petroleum Nominees at a June 22 extraordinary meeting of Central Petroleum would be calling on shareholders to support the appointment of Petroleum Nominees directors Raymond Tam, Bill Schoch
and Baljeet Singh to its board.
"Mr Tam, Mr Schoch and Ms Singh are consummate professionals with
a wealth of financial and corporate experience that Central needs to go forward," he said.
Mr Palmer said his Group's interest in Central Petroleum would be
terminated if the current board continued.
Mr Heugh said Central had been in a parlous state since his
termination and was mired in escalating litigation.
"By now we should have been in significant oil production with
attendant cash flow having executed significant farm-out deals," he said.
Central Petroleum was formed in 1998 with the aim of securing
large acreage tracts in central Australia with potential oil, gas, helium
and coal reserves. The company listed on the ASX in March, 2006.
"Central will require funding and partnerships to develop
multi-billion dollar exploration, development and infrastructure projects
and partnerships in the shortest possible time," Mr Heugh said.
"Commercial input from the Palmer Group and partnerships
introduced by them will allow the company to grow dramatically.
"Mr Palmer's group have not only the financial, corporate,
compliance and commercial expertise required, they are people of vision
who share my vision of where Central can be in the future .
They are determined to maximise shareholder value for our
shareholders and to retain the lion's share of the company's assets in
shareholders hands.
"Mr Palmer clearly has the interests of Australia at heart and
Central's owns resources of national strategic significance."