Appointment of Country Manager for Indonesia

RNS Number : 2983C

CEB Resources PLC

15 October 2015

 



15 October 2015

CEB Resources plc ('CEB' or the 'Company')

Appointment of Country Manager for Indonesia

CEB Resources plc, the AIM listed investing company, is pleased to announce the appointment of Muhamad Slamet as Country Manager for Indonesia.  Known as Slamet, the new Country Manager has extensive experience in government and community relations, general management, procurement and logistics, having held senior roles with multinational and local companies operating in the Indonesian energy sector.  Rounding out the senior team, Slamet joins Didiek Sumasdi (Vice President of Geoscience) and Greg Mawhinney (Vice President of Operations), two highly experienced oil and gas professionals with direct experience in Indonesia's energy industry.  All three appointments are in line with CEB's strategy to acquire and develop oil and gas projects in Indonesia.

Mr. Slamet has specific expertise in building and managing strong relationships between multinational companies and the Indonesian Government.  In his most recent position as Vice President Corporate Services for PT. Nations Petroleum, Mr. Slamet advised and assisted top management in its relationship with senior Government officials and entities, including the Governor and Vice Governor of the province of Aceh, the Directorate General of Migas, Indonesia's upstream petroleum regulator, and PT Pertamina EP, the national oil company.  Between February 2007 and March 2010, Mr. Slamet was Senior Manager of Supply Chain Management for Nations Petroleum (Rombebai) BV where he managed procurement contracts worth over US$40 million to support seismic as well as drilling operations in the Rombebai block, Papua.  Prior to this, he was Executive Director of PT. Rhio Chendhe Karya (RCK), a distributor of petrochemical products from PT Pertamina's refinery in Cilacap, Central Java, and was also Jakarta Facility and Logistics Manager for Chevron Indonesia Company.

Didiek Sumasdi was previously Senior Manager, Exploration and Exploitation Onshore for ConocoPhillips Indonesia, where he was responsible for onshore exploration and production subsurface activities.  He managed five exploration and producing onshore blocks and oversaw the drilling of a multiple well development and exploration drilling programme.  

Greg Mawhinney has a strong operations background with considerable expertise in key aspects of the upstream side of the petroleum industry.  During an extensive career with international oil and gas operators, he has successfully led operations of various sizes and complexity both onshore and offshore, conventional and non-conventional, with capital budgets in excess of US$100 million per annum and operating budgets approaching US$400 million per annum: as Field Manager of the Buzzard Field in the North Sea for Nexen he was responsible for a 200,000 bopd production asset; as Operations Manager with Encana in Ecuador, he oversaw a 65,000bopd field; and as Country Manager with Nexen in Yemen, he managed the 200,000bopd Masila Block 14 in the Hadhramawt Province in eastern Yemen.

Managing Director of CEB, Mr David Whitby, said "I am delighted that Slamet has joined the team.  As a seasoned negotiator from his background in logistics management, Muhamad has an Oxford Don's understanding of the intricacies of execution in the Indonesian oil patch and is an accomplished deal closer.  He will lead the implementation of the asset acquisition strategy assisted by Didiek Sumasdi and Greg Mawhinney.  Muhamad is well thought of at all levels in the oil and gas industry in Indonesia as a man of great honour and integrity and we have been keenly waiting for him to complete his other executive duties and join our core team of industry professionals, which has over 250 years of combined experience in 35 countries worldwide.  Importantly, the team has in excess of half a century of experience in the Indonesian oil and gas sector and consequently has an enviable in-country network, which provides the Company with a competitive advantage as we look to secure our first assets in Indonesia."

For further information on the team and its core competencies please visit: www.corsairpetroleum.com

**ENDS**

For further information, please contact:

David Whitby	CEB Resources plc	Tel: [phone]
Cameron Pearce	CEB Resources plc	Tel: [phone]
Lindsay Mair James Thomas	Sanlam Securities UK Limited (Nomad and Joint Broker)	Tel: [phone]
Lucy Williams Charles Goodfellow	Peterhouse Corporate Finance Limited (Joint Broker)	Tel: [phone]
Colin Rowbury	Cornhill Capital (Joint Broker)	Tel: [phone]
Frank Buhagiar	St Brides Partners Limited	Tel: [phone]

Notes:

CEB Resources plc is an AIM listed investing company focused on investing in and/or acquiring companies and/or projects within the natural resources and/or energy sector with potential for growth.  The Company entered into an agreement on 5 June 2015 whereby Corsair Petroleum (Singapore) Pte Ltd ('Corsair'), agreed to assign to CEB its participating interest in a vehicle that intends to consider and, if applicable, invest in oil and gas concessions in Indonesia.   Over the past 18 months Corsair has identified and screened over 60 opportunities, high graded 12, and a detailed technical and commercial evaluation of 9 potential asset acquisition opportunities is well advanced.  The strategic plan is to target short-term cash flow from existing oil production and long-term value assets particularly focussed on the Indonesian gas market, where pricing is high relative to other gas markets.  A farm-in offer for one asset is now under consideration by its existing owners.

 

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