MOSAIC Oil’s long-standing employee and managing director Lan Nguyen has resigned from the junior oil and gas explorer.
Mosaic CEO Lan Nguyen.
Nguyen worked for the company for 15 years and was appointed managing director in March 2005. His resignation takes effect on May 9, 2009.
Mosaic chairman David Herlihy told PetroleumNews.Net Nguyen has left the company in a very good position.
“Lan has been with us for 15 years and he’s done a very good job. However, he’s decided that after that period of time, it’s time for him to step down,” he said.
“It was Lan’s decision to go and there’s no upset on his part or our part and he’s done an excellent job.”
Herlihy said Nguyen has left the company with a successful 2008 drilling program and has all but locked in the company’s 2009 drilling program, which is expected to be announced to the market in the next couple of weeks.
He added that he doesn’t believe Nguyen leaving is going to be a hiccup with the company going forward.
Nguyen’s termination entitlements include accrued but untaken annual leave and long-service leave.
Nguyen is also entitled to a capped special allowance, calculated by reference to the company’s after-tax profit performance.
The special allowance outstanding is just over $2.266 million and payable in annual instalments of $200,000-700,000, depending on the company’s after-tax profit performance each year until the outstanding amount is paid.
According to the company’s website, Nguyen is credited with the development of the large stratigraphic trap concept in the Tinowon Sandstone that applies to the Churchie, Myall Creek and Waggamba fields.
He also introduced new technologies to Australia including nitrogen drilling and underbalanced horizontal coiled tubing drilling that opened new avenues of exploration for the company.
The company has begun the process of identifying a new managing director to ensure a smooth management transition.
MOS Price at posting:
7.0¢ Sentiment: None Disclosure: Held
