MENA Hydrocarbons announces appointment of Omar Nasser and acquisition
- MENA Hydrocarbons Inc. announce that it has entered into an agreement for the appointment of Omar Nasser as Director of Corporate Development of MENA based in Cairo.
- Acquisition of a private company focussed on the acquisition of oil & gas exploration and production opportunities in the Middle East and North Africa region.
Appointment of Omar Nasser
Mr. Omar Nasser is a respected and seasoned executive with 15 years of experience in the Middle East and North Africa region focusing on corporate and strategic planning and major project development and management in the energy and infrastructure sectors. During that time, Mr. Nasser advised Burren Energy plc, GFI Oil & Gas and others on the acquisition of exploration and production opportunities in Egypt, Libya, Yemen, Oman, Tunisia and Sudan. In addition, he served as Business Development Director for Egyptian Hydrocarbons Inc. in connection with the development of a US$600 million petrochemical facility and US$500 million fertilizer plant in Suez, Egypt. Mr. Nasser completed his MBA at the University of Chicago Booth School of Business and his undergraduate degree at York University, Toronto.
Graham Lyon, President and C.E.O of MENA, commented that "Mr. Omar Nasser brings a wealth of regional knowledge, opportunities and expertise to the MENA team further strengthening MENA's focus on capturing profitable growth projects."
About the acquisition
In addition to the appointment of Mr. Nasser, MENA intends to acquire a private company with access to several exploration and production opportunities in the Middle East and North Africa region. MENA would issue 5.0 million common shares of MENA and 2.5 million warrants to complete the acquisition. Each warrant would be convertible into one common share of MENA at an exercise price of $0.38 per share on or before June 10, 2013. Mr. Nasser's appointment will be effective upon completion of the transaction which is subject to the approval of the TSX Venture Exchange.
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