Omega Oil and Gas Welcomes Trevor Brown as New CEO and Managing Director
OMEGA OIL & GAS LIMITED (OMA) Share Update August 2024 Sunday 4th
Omega Oil and Gas Appoints Trevor Brown as New CEO and Managing Director
Omega Oil and Gas (ASX: OMA) has announced the appointment of Trevor Brown as its new Chief Executive Officer (CEO) and Managing Director (MD), effective immediately. This decision follows an extensive executive search and highlights the company's commitment to advancing its strategic goals.
Instant Summary:
- Trevor Brown appointed as CEO and Managing Director.
- Brown brings over three decades of experience in the oil and gas industry.
- Brown previously served as Vice President – Queensland for Santos.
- Significant milestones achieved under Brown's interim leadership.
- Brown's appointment ensures continuity of leadership for Omega.
Background on Trevor Brown
Trevor Brown is a seasoned oil and gas executive with over 30 years of experience in the industry. He holds a geology degree and has extensive expertise in upstream exploration, appraisal, development, and production. His career has spanned across Australia, Asia, and the United States, covering onshore, offshore, conventional, and unconventional projects.
Brown has held significant leadership positions, including Vice President – Queensland for Santos, where he led the upstream division of the US$18.5 billion Gladstone Liquefied Natural Gas (GLNG) Project through its field development, construction, and startup phases.
Achievements as Interim CEO
During his tenure as Strategic Advisor and Interim CEO of Omega, Brown has overseen several key milestones for the Canyon Gas Field project. These include finalizing the well design for the innovative Canyon 1-H horizontal well, executing a drill rig contract with Ensign for Ensign Rig #965, and executing a drilling services and completion contract with Halliburton.
Additionally, under Brown's leadership, Omega successfully applied for the Research and Development Tax Incentive, completed a capital raise of over $21 million, declared an independently assessed maiden resource with gross 2C contingent resources of 1.73 trillion cubic feet (TCF) and 3C contingent resources of 4.5 TCF, and secured tenure over the Canyon Project area by submitting successful applications for Potentially Commercial Area (PCA) status.
Employment Terms and Conditions
Brown's key employment terms include a fixed remuneration of $400,000 per year, exclusive of superannuation, and the issuance of 5 million Performance Rights in 5 tranches. Each tranche has specific vesting conditions that must be satisfied by 30 June 2025 or 30 June 2026. The vesting conditions are tied to project milestones and the company's share price performance.
All securities noted in Brown's employment agreement are subject to shareholder approval at the upcoming 2024 Annual General Meeting.
The appointment of Trevor Brown as CEO and Managing Director is a positive development for Omega Oil and Gas. Brown's extensive experience and proven track record in the oil and gas industry are expected to drive the company's strategic goals and enhance its operational capabilities. This move underscores Omega's commitment to advancing its Canyon Gas Field project and securing Australia's future gas supply.
Investor Reaction:
Analysts are likely to view Brown's appointment favorably, given his successful track record and leadership capabilities. Investors may respond positively to the continuity of leadership and the strategic milestones achieved under Brown's interim leadership.
Conclusion:
Investors should keep an eye on Omega Oil and Gas as Trevor Brown takes on his new role as CEO and Managing Director. His extensive experience and leadership are expected to drive the company's growth and project success. Shareholders are encouraged to monitor upcoming developments and the outcomes of the 2024 Annual General Meeting.