African Petroleum Board Restructure and ASX Listing
Further to its announcement dated 28 June 2013, African Petroleum Corporation Limited (NSX: AOQ) (“African Petroleum” or the “Company”) advises that it is continuing to proceed with seeking a listing on the official list of the Australian Securities Exchange (“ASX”).
As part of the listing on ASX, and conditional on proceeding with the listing application, the Board of the Company will be restructured and comprise the following:
Charles Matthews – Independent Non-Executive Chairman;
Karl Thompson – Chief Executive Officer and Executive Director;
Mark Ashurst – Chief Financial Officer and Executive Director;
Gibril Bangura – Non-Executive Director;
Jeffrey Couch – Independent Non-Executive Director;
Gordon Grieve – Independent Non-Executive Director;
David King – Independent Non-Executive Director;
James Smith – Independent Non-Executive Director; and
Anthony Wilson – Independent Non-Executive Director.
Mr Frank Timis will resign as Non-Executive Chairman of the Company and assume the role of president of the Executive Committee of the Company which is a committee formed to support and advise the Board, implement Board strategy and to exercise the executive powers of the Company.
Further details of the experience of the proposed Board is set out in the annexure to this Announcement.
Admission to ASX is subject to the Company satisfying the relevant ASX listing requirements. Subject to ASX admission being granted, the Company would then de-list from NSX. The Company will keep shareholders informed of further developments.
In addition, further to the release of the Company’s quarterly statement for the three months ended 30 June 2013, the Board is pleased to announce that USD$10.5 million has been released from restricted cash to unrestricted cash. As a consequence, as at 12 August 2013, the Company’s unrestricted cash amounts to US$20.0 million.
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