Business
Board Changes
Board Changes.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n\n 27 November 2023\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). Upon the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \n \nGlobal Petroleum Limited\n(\"Global\" or \"the Company\")\n \nAppointment of New Executive Chairman and Board Changes\n \nGlobal Petroleum Limited (LSE AIM: GBP) (\"Global\" or \"the Company\"), an oil and gas upstream exploration company presently focused on Africa and the Mediterranean, is pleased to announce the appointment of new Executive Chairman Daniel Page to the board with immediate effect. Also appointed to the board with immediate effect are Cecilia Yu as Executive Director and Azib Khan as a non-Executive Director. Mr Andrew Draffin will continue as a non-Executive Director and Company Secretary.\n \nThese appointments are further to the Company's announcement of 6 November 2023 regarding the proposal received from Mr Omar Ahmad, a 5.04% shareholder in the Company. Global now confirms that final agreement has been reached regarding changes to the Board of the Company.\n \nFollowing this agreement, it is also noted that Mr Peter Hill, Mr John van der Welle and Mr Garrick Higgins have resigned from the Company's Board with immediate effect. The outgoing Directors, in order to assist the incoming Board with the conservation of funds, have agreed to waive all outstanding past and present remuneration and fees, including those relating to contractual notice periods.\n \nDaniel Page, incoming Executive Chairman of Global Petroleum commented:\n \n\"I am honoured to be appointed the Executive Chairman of Global Petroleum and am excited to begin unlocking the large potential I believe the Company has. The new Directors and I have broad experience within the sector, across financial markets and asset management and we believe that we will be able add significant value for the shareholders.\n \nThe primary focus of the new leadership team will be to assess the present assets of the Company with the view to maximise shareholder value and finding suitable other opportunities in this sector using our ext...