First Calgary Petroleums Ltd. (“FCP”) announces the appointments of Mr. John van der Welle as Finance Director, Vice President Finance, Chief Financial Officer and Director and Mr. Shane O’Leary as Chief Operating Officer, together with a management restructuring.
Appointment of Finance Director, Vice President Finance, Chief Financial Officer and Director
The Company has announced that Mr. John van der Welle will join First Calgary as Finance Director, Vice President Finance and Chief Financial Officer effective January 2006. Mr. van der Welle has also been appointed a Director of the Company effective immediately. Mr. van der Welle is a Chartered Accountant with over 20 years experience of working in finance and business development in the international oil and gas industry, most recently as Finance Director for Premier Oil. Prior to Premier Oil, Mr. van der Welle served as Finance Director of Hardy Oil & Gas and Group Treasurer for Enterprise Oil. Mr. van der Welle will be based in London where First Calgary Petroleums Ltd. will be establishing an office.
During his six years at Premier Oil Mr. van der Welle oversaw the company’s financial turnaround and led the equity and debt financing of major capital projects together with the US$670 million corporate restructuring of the company. Latterly he had general management responsibility for Premier’s overseas production companies as well as his duties as Finance Director. Whilst at Enterprise Oil he was involved in a number of major acquisitions and financings including the US$1.4 billion acquisition of the oil and gas assets of Texas Eastern and associated £564 million equity fund raising.
John van der Welle commented: “First Calgary has enjoyed impressive exploration success and has significant reserves in Algeria awaiting commercialisation. I am confident that my recent management experience with challenging major gas pipeline projects and their financing will prove beneficial as the Company transitions to a development and production operator. I look forward to working with Chief Executive Richard Anderson and new COO Shane O’Leary, and the First Calgary team.”
Appointment of Chief Operating Officer (COO)
First Calgary also announced the appointment of Mr. Shane O’Leary as Chief Operating Officer commencing January 2006. Mr. O’Leary’s initial focus will be the commercialisation and development of FCP’s Ledjmet Block 405b in Algeria. Mr. O’Leary has over 25 years of diverse technical and commercial experience in the oil and gas industry, leading projects in North America, Middle East/Africa, Caspian and South America. He has worked for companies including EnCana, BP and Amoco and has considerable experience with large international gas projects including contractual arrangements, negotiations, project planning, budgeting, financing and government advocacy.
Mr. O’Leary joins FCP from EnCana where he was most recently Vice President with responsibility for Brazil. Prior to EnCana, Mr. O’Leary worked for BP Exploration (Alaska) Inc. developing a gas to liquids facility in Alaska. Prior thereto, Mr. O’Leary worked for Amoco for 14 years including positions in Egypt, Azerbaijan, Houston, Chicago and Calgary. At Amoco Egypt, Mr. O’Leary was VP Business Development where he led the commercialisation of over 500 million cubic feet per day of domestic gas sales and initiated an LNG project to export gas to Mediterranean markets.
Mr. O’Leary holds a Bachelor of Science (Honours) in chemical engineering from Queen’s University in Kingston, Ontario and a Masters in Business Administration from The University of Western Ontario.
Shane O’Leary commented: “I am looking forward to joining FCP at this time. I believe that my experience in bringing major oil and gas projects to market will prove beneficial in developing the reserve base through to first production.”
Management Restructuring
In conjunction with the employment of Messrs. van der Welle and O’Leary, First Calgary also announces the following management appointments.
Mr. Martin Layzell, formerly Vice President Exploration, has been appointed Senior Vice President and Algeria Country Manager with primary responsibility for the management of First Calgary’s joint ventures with Sonatrach, the national oil company of Algeria. Mr. Layzell will be based in London. Mr. Roger Whittaker, formerly Exploration Manager, takes up the position of Vice President Exploration. Mr. Whittaker will lead the Company’s exploration team based in Calgary. Mr. Garry Worth, formerly Executive Vice President, has been appointed Vice President Business Development and will continue to be based in Calgary. Mr. Kenneth Rutherford, formerly Vice President Finance and Chief Financial Officer, will continue to serve the Company as a Senior Advisor assisting management on special projects.
Appointment of Board Chairman
In recognition of the corporate governance guidelines which recommend segregating the roles of the CEO and Chairman, the Company also announces the appointment of Mr. Raymond Antony as Chairman of the Board of Directors. Mr. Antony is a Chartered Accountant and has been a Director of FCP since 1996. He also serves as a director of a number of other public companies.
Richard Anderson, President and CEO, commented: “FCP is pleased to supplement the existing management team with Mr. O’Leary and Mr. van der Welle. The addition of these highly qualified and respected professionals is a significant step towards achieving commercialisation and production.”
