Continental Announces Director Changes
JAKARTA, Indonesia, April 17, 2017 /PRNewswire/ -- Continental Energy Corporation (OTCQB: CPPXF) (the "Company"), an emerging international energy developer, today announced changes to its board of directors.
Mr. John Tate has resigned his seat as a director of the company to pursue other business interests and the company thanks him for his service. Mr. Karsani Aulia, a resident of Jakarta, Indonesia, has been appointed to the board of directors to fill the vacancy and serve until all directors stand for re-election at the next annual general meeting.
Mr. Aulia is a graduate of the Bandung Institute of Technology and received his Master's degree in petroleum geology, cum laude, from the Colorado School of Mines in 1982.
He worked for PT Caltex Pacific Indonesia (Chevron-Texaco) from 1976 until 2004. There he held various technical and operating positions including Vice President Exploration and General Manager of Resources and Production for Caltex's onshore Minas Field, the largest oilfield in Asia with a daily production of over 200,000 BPD. From 2002 until 2004 he served on Chevron's Worldwide Asset Management Committee and its Technology Council.
From 2004 to 2007 he served as the General Manager for the Coastal Plains Pekanbaru PSC a local government owned oil and gas operating company with 27,000 BOPD oil production from the Riau Province, onshore Sumatra. Between 2007 and 2015, he served as Senior Vice President of Operations and Technology for Samudra Energy Ltd. an oil and gas exploration and production company based in Jakarta and Singapore. Under his leadership, Samudra Energy had a period of successful growth to become one of the top ten hydrocarbon producing companies in Indonesia.
Mr. Aulia sits on advisory boards to local and federal Indonesian government agencies on oil, gas, and national energy policy issues. He said of the appointment, "Indonesia is experiencing unprecedented growth in energy demand. Our proactive government is implementing incentives to encourage foreign investment, offer tax holidays, deregulate bureaucracy, and make policy changes to facilitate conventional, alternative, and renewable energy operators. These include opening of new downstream oil, gas, and power projects and infrastructure opportunities to the private sector. All of these are being put in place to help meet nationwide shortfalls in Indonesia's domestic energy supply needs. Continental's long history in Indonesia means it is ideally positioned to capitalize on these growth opportunities."
Continental's Chairman and CEO, Mr. Rich McAdoo, said of the appointment, "Karsani Aulia brings a deep understanding of the Indonesian oil, gas, and energy business and a wealth of enthusiasm for Continental's participation in it. Karsani will play a very important leadership role in guiding our future business growth."
On behalf of the Company,
Robert V. Rudman, CPA
Chief Financial Officer
Forward Looking Statements - Any statements in this news release that are not historical or factual at the date of this release are forward looking statements. Forward looking statements in this release include Continental's expectation to obtain the necessary funding and profitably develop and operate its future Indonesian upstream and downstream energy projects as well as their commercial performance. There are many factors which may cause actual performance and results to be substantially different from any express or implied plans, estimates, forecasts, expectations, or objectives described in any forward looking statements. Readers should also refer to the risk disclosures outlined in the Company's regulatory disclosure documents filed with the Securities and Exchange Commission available at www.sec.gov. The Company assumes no obligation to update the information in this release. No securities regulatory authority has either approved or disapproved the contents of this news release.
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SOURCE Continental Energy Corporation
Released April 17, 2017