Gulfsands appoints chairman
Posted: 31 July 2006
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AIM listed oil and gas Gulfsands Petroleum appointed Andrew West, 48, one of Gulfsands˙ current non-executive directors, as non-executive Chairman of the Board.
Gulfsands is an exploration, development and production company with activities in the USA, Syria and Iraq.
West, 48, brings a high level of experience from his career as an investment banker and former Chairman of Sibir Energy PLC.
During his early career he worked from 1981 to 1985 as a vice president of Smith Barney & Co., and from 1985 to 1990 as an executive director of Lehman Brothers Limited, speci alising in mergers and acquisitions.
From 1990 to 1997 West was a director of Guinness Mahon & Co. Limited and a managing director of its Corporate Finance Division and from 1997 to 1999 was managing director of Strand Partners Limited, a privately-owned investment banking firm.
West will receive annual compensation of 50,000 euros and has been granted options on 24 July 2006 over a further 75,000 ordinary shares of 5.714p each at 1.04 euros per share, exercisable by 24 July 2011.
The Company plans to recruit a third non-executive director in the near term to balance representation on the board with three executive and three non-executive directors.
John Dorrier, CEO of Gulfsands Petroleum, said: ´Since his appointment as a Director in February this year, West has taken an active and constructive role on the Company˙s Board. In his new position as Chairman, we believe he will expand this role with a greater emphasis on working with our shareholders and institutional investors.ˇ |
