Blue Energy of Australia said that Mr John Ellice-Flint, former Santos MD, has agreed to join the company as an Executive Director.
The company also said in a statement that it has secured $10 million in funding through a share placement.
Blue energy said that Mr Ellice-Flint’s role will include technical oversight of exploration activity in Blue Energy’s existing portfolio of Queensland assets, pursuit of new venture growth opportunities, and also to build the current reserve base to a level consistent with the Company’s stated vision of having 3,000PJ of 3P reserves by year end 2014.
Blue Energy Chairman, Mr Peter Cockcroft , said Mr Ellice-Flint’s appointment as an Executive Director would be a coup for the company at a critical time in its ongoing development phase.
“ With a proven track record in oil and gas discoveries in several countries, John will bring a new dimension to Blue Energy’s strategic focus ,” Mr Cockcroft said.
“ His ability to construct and execute deals will assist in achieving our goal of seeing the company’s portfolio value increase in the short and medium term and, on behalf of my fellow Directors, I look forward to welcoming John as a Director, ” he said.
Mr Ellice-Flint’s achievements in the oil and gas industry are well known and highly respected. Following a stellar 26-year international career with Unocal, serving in a variety of senior executive roles within strategic planning, exploration and technology functions, he joined Santos Limited as Managing Director, guiding the company through a major growth period which culminated in the recognition and of the potential of Coal Seam Gas development through the Gladstone LNG export project in Queensland.
As the architect of the world-first, CSG to LNG breakthrough when at Santos, Mr Ellice-Flint was forceful in driving his vision for the massive eastern Australian projects against plans for gas to be piped from gas-rich Western Australia to the gas-poor eastern states or bringing gas from PNG to Australia. The financial growth Mr Ellice-Flint delivered to Santos in this period is well documented and he was instrumental in transforming the Australian company from a domestic market-focused producer to an entity which now has significant production outside its legacy assets and is focussing on delivering energy to the international market.
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LNG World News Staff, February 16, 2012; Image: Santos