AWE is the latest oil and gas company on the hunt for a chief executive replacement after flagging the departure of boss Bruce Clement.
After five and a half years in the role of CEO and MD, AWE said Clement would step down during 2016, prompting a replacement search.
AWE chairman Bruce Phillips paid tribute to Clement for his leadership in reshaping the company into a more diversified oil and gas producer with a strong portfolio of producing assets and exciting growth projects, including the Waitsia gas field in Western Australia.
“Bruce has presided over a period of significant change for AWE,” he said.
“He has delivered a substantial increase in reserves and resources through a combination of astute asset management, such as the purchase and sell down of the Ande Ande Lumut oil project in Indonesia, exploration success in the onshore Perth Basin in Western Australia, and the significant increase of reserves and production at Sugarloaf in the USA.
Phillips credited Clement with rebuilding the company’s 2P reserves to production ratio which now stands at 22 years at current production rates.
With first gas from the Waitsia field anticipated in mid-2016, Phillips said it was an opportune time to implement a succession of leadership.
Until he steps down, Clement’s main focus will be to drive the development of AWE’s onshore gas projects in WA and lead the implementation of the company’s strategy to address the impact of the fall in global oil prices.
Clement said AWE was well-placed to capitalise on the excellent pipeline of growth projects it had been building over the last few years.
“I have thoroughly enjoyed leading a great team of people at AWE, and together we have built a solid foundation for the company’s future,” he said.
“The time is right in 2016 to hand over the reins but, in the meantime, I remain strongly committed to implementing the company’s strategy.”
Clement joined AWE from Roc Oil Company in 2010 with a mandate to rebuild the company’s portfolio.
During the last few years, Clement has managed to reposition the company’s cornerstone asset base in Australia, Indonesia and New Zealand. Most recently, AWE has yielded success from its Perth Basin acreage which had remained largely untested prior to Clement taking the helm at the company.
AWE’s Waitsia gas discovery in 2014 was widely acknowledged as the largest onshore gas discovery in Australia for 30 years.
Clement did not reveal his plans post-AWE, but one would think some much-needed R&R will be on the cards.
AWE joins Beach Energy and Santos in the hunt for a new CEO.
AWE fell 3 per cent to 81.5 cents.
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