Executive Management Changes

Posted on 17 January 2017

Executive management changes are underway at New Zealand Oil & Gas, with an ongoing focus on cost reduction.

Chief executive Andrew Jefferies says New Zealand Oil & Gas is entering a new era following sale of its interest in the Kupe gas field.

"We will return $100 million of cash to shareholders by May and then we hope to deploy our remaining cash by buying production and reserves, and creating value from our portfolio. We are looking for assets that are suitable for our scale, with a preference towards gas and diversification in markets we understand.”

Two executives are leaving after accepting new positions outside the company. Chief Financial Officer Andre Gaylard will leave at the end of January and General Counsel Ralph Noldan in March.

"I am grateful to Andre and Ralph for their contribution as colleagues. I thank them for their considerable service and as a company we wish them well,” Andrew Jefferies said

Catherine McKelvey is currently Financial Controller and will join the leadership team as Chief Financial Officer.

"This is the next stage of our company’s evolution following the sale of our Kupe asset. As I promised when we sold our Kupe interest, we will be focussing on costs - taking this opportunity to streamline our organisational structure - while using our technical capability dynamically to pursue the right assets at the right price."