Welcome!

News Feed Item

Molopo Energy Limited: CEO Appointment and Strategy Review

CALGARY, ALBERTA -- (Marketwire) -- 01/16/13 -- Molopo Energy Limited (ASX:MPO) today announces that, effective immediately, Mr Steven Cloutier will succeed Mr Tim Granger as Molopo's Chief Executive Officer and Managing Director.

Steve Cloutier has more than 23 years' experience in commercial legal practice and oil and gas. He was the President and a co-founder of APF Energy Trust (1996-2005) and Rockyview Energy Inc. (2005-2008), both listed on the Toronto Stock Exchange. Under his leadership, these entities drilled more than 1,000 wells and executed on approximately $2 billion of merger, acquisition and divestiture activity. In addition to APF and Rockyview, Mr. Cloutier has sat or sits on the boards of a number of exploration and production companies, including Millennium Energy Inc., Star Point Energy Trust, Cumberland Oil & Gas Ltd., Ki Exploration Inc., and Kallisto Energy Inc. Since 2009, Mr. Cloutier has been the President & Chief Executive Officer of Skyridge Capital Corporation, a private company that provides corporate finance and M&A advisory services with a particular emphasis on the upstream energy sector. He holds a Bachelor of Arts from McGill University and a Juris Doctor (Bachelor of Laws) from the University of Victoria (Canada).

Commenting on Mr Cloutier's appointment, Molopo's Chairman, Mr Greg Lewin, said, "The Board has engaged Steven Cloutier, to deliver a strategy of maximising the return to shareholders from the Company's current assets which as at 31 December 2012 included approximately US$70 million cash and 950 boep/d production; 26,000 acres in West Texas in the prospective Wolfcamp formation; 47,000 acres in Saskatchewan; 900,000 acres in South African onshore gas projects with a production right and 1.4 million acres in Quebec prospective for shale gas.

The last twelve months has seen our understanding of the Company's upstream assets significantly improved through drilling and technical evaluation, and the Board believes strongly in the value of these assets, particularly the Wolfcamp in Texas. The Molopo share price is, however, not reflective of that value.

Steven's track record of realising shareholder value appreciation in his previous companies, together with his entrepreneurial approach, provide the Board with confidence that he can successfully lead the Company to value maximisation for Molopo's shareholders."

A special Board committee has been formed to oversee and assist Mr Cloutier in developing and implementing a strategic review to enhance shareholder value. This committee will be Chaired by Mr Don Engle, with Mr Garry Cameron, Mr Brian Straub and Steven Cloutier as members. It is expected that details of the strategic review will be announced before the end of the first Quarter of 2013.

The Company confirms that Mr Granger will be paid in accordance with his contractual severance entitlements and Company policy, cash STI benefits to 31 December 2012 and other entitlements payable in accordance with applicable law.

The Company wishes to thank Tim Granger for his contributions to Molopo during his tenure.

Details regarding Mr Cloutier's terms of employment are summarised as an appendix to this announcement.

This press release contains certain forward-looking statements. These statements relate to future events or future performance of the Company. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "predict", "seek", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to certain events, and are subject to a number of risks, uncertainties and assumptions. Many factors could cause Molopo's actual results, performance, or achievements to materially differ from those described in this press release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in other public disclosures made by the Company or this press release as intended, planned, anticipated, believed, estimated, or expected. Furthermore, statements relating to "reserves" or "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources and reserves described can be produced profitably in the future. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary declaration. These statements speak only as of the date of this press release. The Company does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

CEO and Managing Director Contract: Key Terms

Contract term: The contract is evergreen.

Fixed Remuneration: Mr. Cloutier will be entitled to a base salary of C$350,000 plus statutory pension payments.

Short Term Incentive (STI): Mr. Cloutier will participate in the Company's short term incentive plan.

There are two award components of the STI: a cash award and an award of deferred Performance Share Rights (STI PSR).

The cash award amount would be paid annually and range from 45% of his base salary when "base" performance targets are satisfied, increasing to 67.5% if additional "stretch" performance targets are satisfied.

Mr. Cloutier may be awarded a number of STI PSRs following an assessment of his performance for the period to 31 December 2013, and annually thereafter. The number of STI PSRs awarded would range from a number equal in value to 75% of base salary when "base" performance targets are satisfied, increasing to a number equal in value to 112.5% of base salary where "stretch" performance targets are satisfied. If granted, the STI PSRs are subject to a time vesting condition, with one third of the STI PSRs awarded scheduled for vesting on 31 December in each of 2014, 2015 and 2016.

Where Mr. Cloutier is deemed to be a 'good leaver', any unvested STI PSRs will be retained. In all other circumstances, any unvested STI PSRs will be forfeited.

The Company will satisfy any obligation to provide shares in the Company on vesting of STI PSRs by purchasing shares on-market.

Long Term Incentive (LTI): Mr. Cloutier will participate in the Company's long term incentive plan. The plan is structured to reward individual contribution to long term shareholder value creation as measured through an increase in the Company's total shareholder return relative to a comparator group of approximately 20 listed companies over the performance period, as well as a strategic objective.

It is intended that an award of Performance Share Rights under the LTI to Mr. Cloutier will be made in early 2013. Subsequently, awards will be made annually provided Mr. Cloutier's performance for the period to 31 December of the previous year is satisfactory (as determined by the Board). If awarded, the first LTI PSR award will be performance tested after 31 December 2015 in respect of the three year period between 1 January 2013 and 31 December 2015 ('Relevant Performance Period').

Under the LTI the number of LTI PSRs that may be awarded to Mr. Cloutier will be 112.5% of his base salary. The number of LTI PSRs which vest will depend upon the Company's total relative shareholder return during the Relevant Performance Period, as well as achievement of a strategic target.

Where Mr. Cloutier is deemed to be a 'good leaver', Mr. Cloutier will retain a reduced number of unvested LTI PSRs, adjusted to reflect the period of his service during the Relevant Performance Period. In all other circumstances, any unvested LTI PSRs will be forfeited.

The Company will satisfy any obligation to provide shares in the Company on vesting of the LTI PSRs by purchasing shares on-market.

Sign on Bonus: Mr. Cloutier will be granted 500,000 Performance Share Rights upon his commencement as CEO and Managing Director. One third of the Performance Share Rights will vest on each of 15 January 2014, 15 January 2015 and 15 January 2016 provided Mr. Cloutier either remains an employee of the Company or is otherwise deemed to be a 'good leaver'.

The Company will satisfy any obligation to provide shares in the Company on vesting of the Sign on PSRs by purchasing shares on-market.

Termination: The Company may immediately terminate Mr. Cloutier's employment for cause at any time. In this case, Mr. Cloutier is not entitled to notice (or payment in lieu of notice) or any severance payment.

The Company may terminate Mr. Cloutier's employment without cause by giving six months' notice of termination or in the alternative, by providing a lump sum payment equivalent to six months' base salary.

Mr. Cloutier may resign by giving the company one months' written notice.

Material Diminution: Where Mr. Cloutier suffers a material diminution in his functions, powers or duties or a change in his reporting relationship to the Board, he may, within 30 days' of such material diminution elect to give 90 days' notice that the employment is treated as being terminated at the end of that 90 day period. In such a case, the Company must pay Mr. Cloutier the equivalent of six months' annual base salary as a lump sum.

Contacts:
Molopo Energy Limited
Greg Lewin
Chairman
+ 61 3 9618 8722

Molopo Energy Limited
Cindy Gray
VP Capital Markets
+1.403.648.8026/+ 61 3 9618 8704 (Australia local)
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
"WineSOFT is a software company making proxy server software, which is widely used in the telecommunication industry or the content delivery networks or e-commerce," explained Jonathan Ahn, COO of WineSOFT, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
Sanjeev Sharma Joins June 5-7, 2018 @DevOpsSummit at @Cloud Expo New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...