Business
ASX Material Terms of Director's Contract
ASX Material Terms of Director's Contract.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n \nRNS Number : 3364B Global Petroleum Ltd 16 June 2016 \n\n16 June 2016\n \nGlobal Petroleum Limited\n(\"Global\" or \"the Company\")\n \nMaterial Terms of Director's Appointment - Andrew Draffin\n \nGlobal Petroleum Limited - AIM: GBP, ASX: GBP - the oil and gas exploration company presently focused on emerging plays in Africa and the Mediterranean, summarises in accordance with Listing Rule 3.16.4 the following material terms of the Appointment Agreement between the Company and Mr Draffin regarding his appointment as a Non-Executive Director.\n \nMr Draffin has been appointed to fill a casual vacancy on the Board. As such his appointment is until the Company's Annual General Meeting in November when he will offer himself for election. Under the Company's Constitution Directors are appointed for a maximum term of three years from their election, after which, in order to continue as a Director, they must again offer themselves for re-election. These matters are also reflected in Mr Draffin's Appointment Agreement.\n \nUnder the Appointment Agreement Mr Draffin will receive Director's fees of A$30,000.00 per annum plus compulsory superannuation of 9.5%. Mr Draffin is not currently entitled to any additional payments by way of consultancy or other fees, or to any grant of shares or options. Mr Draffin is entitled to reimbursement of reasonable out of pocket expenses incurred by him in carrying out his duties as a Non-Executive Director.\n \nMr Draffin is entitled, to the maximum extent permitted by law, to an indemnity by the Company for liabilities incurred by Mr Draffin as a Director of the Company. He is also entitled to be an insured under the Company's Directors and Officers insurance policy.\n \nFor further information please visit www.globalpetroleum.com.au or contact:\n \n\n\n\n\nGlobal Petroleum Limited\n\n\n\n\n\n\n\nPeter Hill, Managing Director & CEO\n\n\n+44 (0) 20 7495 6802\n\n\n\n\nDamien Cronin, Company Secretary\n\n\n+61 (0) 7 3310 8732\n\n\n\n\nRFC Ambrian Limited (Nominated Adviser & Joint Broker)\n\n\n\n\n\n\n\nCharlie Cryer / Oliver Morse\n\n\n+44 (0) 20 3440 6800\n\n\n\n\nFirstEnergy Capital LLP (Joint Broker)\n\n\n\n\n\n\n\nHugh Sanderson\n\n\n+44 (0) 20 7448 0200\n\n\n\n\nTavistock (Financial PR &...