Thursday 30th June 2011 1 Comment
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New Zealand Oil & Gas (NZOG) chief executive David Salisbury has given six months notice of his resignation from the company he joined in April 2007.
Salisbury was leaving for personal reasons, the company said today.
During his time at NZOG, production started from the Tui area oil fields, and from the Kupe gas and oilfield, both offshore from Taranaki. NZOG has a 15 percent stake in Kupe and a 12.5 percent stake in Tui.
Salisbury was also at the helm at the time of the Pike River Coal disaster last November when 29 men died after an explosion ripped through the West Coast mine.
Pike River had been a subsidiary of NZOG until July 2007 when the miner became a separately listed company following an initial public offering. NZOG has a shareholding of 29.4 percent in Pike River, and was owed around $64 million in loans when Pike River went into receivership.
Today NZOG chairman Tony Radford said the board was disappointed to be losing someone of Salisbury's calibre.
"David has made a tremendous contribution during a period of growth for our business that has included many significant challenges," Radford said.
Salisbury was keen to conclude a number of important initiatives in the coming months.
A fortnight ago NZOG announced that it had been granted a prospecting permit off the coast of Tunisia, with Salisbury describing the move as part of the company's long term growth strategy.
The six-month notice period provided time for NZOG to ensure a smooth transition and a process would start shortly to recruit a replacement chief executive, Radford said.
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