Proposed new auditor and new members to the Board of Directors
Panoro Energy ASA (“PEN”, OSE ticker code) refers to the notice of the Annual General Meeting that was released on June 16, 2010.
In regards to item 5 in the notice, “Election of new auditor”, the proposal to the General Meeting is to elect Ernst & Young as the new auditor for the Company.
In regards to item 6 in the notice, "Election of three new members to the Board of Directors", the Nomination Committee hereby announces its proposed new candidates:
Proposed Chairman - Dr Phil Vingoe, non-executive director. Dr. Vingoe has over thirty five years of oil and gas experience, commencing in the technical arena and progressing to executive leadership. His responsibilities have included the management of assets and people in the U.K.,U.S.A, Australia, South Africa, U.A.E., Egypt, Qatar, Pakistan, Oman, Thailand, Laos, Indonesia, Mozambique, Congo, Gabon, Nigeria and Equatorial Guinea, as well as wide ranging global responsibilities with various companies.
During 18 years with BP, Dr Vingoe held a number of positions, ranging from interpreting geophysicist, through General Management of various multi-disciplinary teams to Technology Director. In 1995, he moved to Australia to co-lead the IPO of an Australian independent, Novus Petroleum. Over the ensuing five years, the Company acquired a portfolio of assets across Asia, Africa and the Middle East. In 2000, he took up the role of Managing Director of Sasol Petroleum International (SPI) based initially in Johannesburg. In 2005, he joined Energy Equity Resources where he directed all the exploration and appraisal activity as well as communicating with investors and raising investment capital. During 2005 and 2006, he was also a Non Executive Director of the Canadian-listed company Pan-Ocean Energy Corporation Ltd. Pan-Ocean was sold to Addax for $1.5 billion in September 2006. He resigned from EER in November 2007 in order to lead the creation of Pan-Petroleum and has recently been instrumental in the merger and creation of Panoro Energy.
Tord Pedersen, non-executive director. Tord Pedersen has 29 years experience in international E&P activity. He has extensive experience in business development, contract negotiations and setting up new business in multiple locations in Africa, Middle East and South East Asia. For more than two decades he has held a variety of management positions, including Managing Director for Endeavour Energy Norway since 2005. In April 2009, the German gas utility company VNG AG acquired the shares of Endeavour Energy Norway for $150 million and Mr. Pedersen has continued in the position of Managing Director for the new company. From 2001, he worked for ConocoPhillips in the Middle East and Norway as Business Development Manager. Prior to this, he worked 11 years for Saga Petroleum (later Norsk Hydro) overseeing international business development in SE Asia, Africa and Middle East. He started his career as a geologist for Conoco, located in Norway, USA and Egypt. Tord holds a degree in geology from the University of Trondheim (1981).
Christine M.K. Wheeler, non-executive director, OBE (Order of the British Empire). Christine M.K. Wheeler commenced her career advising clients in the upstream sector of the oil industry when she joined Arthur Young, Chartered Accountants in 1973. She has advised on UK taxation issues since that time, including lobbying for fiscal changes. More recently, her advisory role has focused on structuring and commercial transactions from small farm-ins to acquisitions and disposals, the largest of which was US$2 billion. She was the head of the natural resources division of Ernst & Young and subsequently, for ten years, was the chairman of an independent consultancy. She now has an active consultancy which remains focused on exploration and production activities in the UK and overseas. Christine was also a non-executive director of Setanta Energy B.V. until 2009, an exploration and production company with its focus on West Africa. In 1994, she was awarded the OBE for services to the oil industry. She is the Chairman of Encore Oil plc (a UK focused exploration and production company listed on the Alternative Investment Market (AIM) on the London Stock Exchange).
For further information, please contact:
Anders Kapstad, CFO
Tel: +47 23 01 10 01
Cell: +47 918 17 442
Email: anders.kapstad@panoroenergy.com
Jonas Gamre, Investor Relations
Tel: +47 23 01 10 02
Cell: +47 971 18 292
Email: jonas.gamre@panoroenergy.com