Jupiter Energy Ltd Extension of Service Agreements (7677Z)
01 Junho 2016 - 3:00AM
UK Regulatory
TIDMJPRL
RNS Number : 7677Z
Jupiter Energy Ltd
01 June 2016
1 June 2016
Jupiter Energy Limited ("Jupiter" of "the Company")
Extension of Service Agreement
The Board of Jupiter Energy Limited, the Kazakhstan-focused oil
exploration and production company, trading on AIM ("JPRL"), ASX
("JPR") and KASE ("AU_JPRL") announces that the Company has renewed
the Service Agreement (the Agreement) with Geoff Gander (Chairman
and Chief Executive Officer).
His past Agreement was due to expire on 30 June 2016
Geoff Gander's new Agreement is effective from 30 May 2016 and
will have no set term.
Below is a summary of the key terms of the new Agreement:
-- Contracted through Symdean Pty Limited
-- Base Annual Fee: GBP 285,000 ($A580,000) which includes
covering the cost of an apartment/office in London
Scott Mison (Chief Financial Officer and Company Secretary)
remains on a month by month arrangement (Base Monthly Fee: $A9,000)
for an agreed scope of duties with additional work over and above
these agreed duties to be remunerated on an agreed "additional fee"
basis.
As announced in February 2015, Geoff Gander and Scott Mison
continue to defer their Directors' Fees (which form part of the
Base Fee above) until such time that the Company has an improved
cashflow. A potential bonus of GBP 100,000 that formed part of
Geoff Gander's past Agreement has not been included in the new
Agreement.
ENDS
Enquiries:
Jupiter Energy (+61 89 322 8222)
Geoff Gander (geoff@jupiterenergy.com)
finnCap Ltd +44 (0) 20 7220 0500
Matt Goode/Emily Watts/Christopher Raggett (Corporate
Finance)
Simon Johnson (Corporate Broking)
About the Company:
Jupiter Energy Limited is an oil exploration and production
company, quoted on the AIM, ASX and KASE markets. The Company is
focused on developing its onshore assets in western Kazakhstan. In
2008 the Company acquired 100 per cent of the Block 31 permit,
located in the oil-rich Mangistau Basin, close to the port city of
Aktau.
Jupiter has a proven in-country management team, led by an
experienced, international Board, together possessing the skills,
knowledge, network and attention to detail needed to operate
successfully in Kazakhstan. The forward plan will see Jupiter
develop a group production facility on Block 31 to process, store
and export oil. This topside infrastructure is a key element in
moving to long-term production and the achievement of self-funding
for further development of Block 31.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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