Otto Energy (ASX:OEL) Appoints Richard King As Commercial ManagerWednesday July 16 5:22 PMRichard has 12 years experience in the energy sector including working at Duke Energy, Woodside and most recently as Upstream Commercial Manager and Domestic Gas Marketing Manager for the Gorgon LNG Project at Chevron. In his career at these companies he has held a wide range of senior commercial roles in gas marketing and commercial negotiations with respect to asset acquisitions and divestments, regulatory and government affairs, such as Production Sharing Contract (PSC) terms. At Otto, he assumes responsibility for several key business functions including: - Manage and optimise Otto's contracts, including Joint Operating Agreements, Service Contracts, rig contracts, etc; - Negotiation of exploration and project agreements with farm in partners and economic and commercial evaluation of potential new ventures; - Manage debt financing arrangements, oil and gas marketing; and - Supply chain management. Alex Parks, Otto's Chief Executive Officer said, "We are extremely pleased Richard is joining us as he brings a wealth of big company commercial experience to the management team at a time when Otto will be negotiating our Philippines farm outs with the mid-tier and major oil companies." About Otto Energy: Based in West Perth, Otto Energy Limited (ASX: OEL.AX) is an international exploration and production company that has assembled a balanced portfolio of oil and gas assets in the Philippines, Turkey, Italy and Argentina. As of mid 2008, Otto expects to receive revenue from production at the Galoc Oil Field in the Philippines which will be used to fund further development and exploration across all of the Company's highly prospective assets. Otto is opportunity rich with an exploration portfolio that includes additional discoveries that are under development, approximately 20 drillable prospects covered by new 3D seismic and well over 60 exploration leads which are being matured as follow-up potential. Consequently, Otto has an active exploration and appraisal drilling program in 2008/2009. Contact: Media / investor enquiries: Jill Thomas +61 8 6467 8803 thomas@ottoenergy.com Source: Otto Energy Copyright (C) 2008 ABN Newswire. All rights reserved. |
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