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Longreach Oil and Gas Limited has announced that, following the deposit today by D. Campbell Deacon and Dennis Sharp, as shareholders of the Company, of a written notice signed by holders of more than half the issued shares of the Company removing Andrew Benitz, Bryan Benitz and Ronald Lansdellas directors of Longreach, a meeting of the remaining directors of the Company was held today to consider, among other things, the appointment of the nominees of the Concerned Shareholders as directors of the Company.
The Company is pleased to announce that each of Messrs. Greg Boland, Benjamin Yi and Nicholas Brigstocke were appointed today as directors of the Company to hold office until the next annual general meeting of shareholders or until their successors are elected or appointed. The board of directors of the Company is now comprised of: Dennis Sharp, Cam Deacon, Thomas Vukovich, Yogeshwar Sharma, Jonathan Morley-Kirk, Greg Boland, Benjamin Yi and Nicholas Brigstocke.
Further, Andrew Benitz has been removed as CEO of the Company and, in his place, Dennis Sharp has been appointed as interim CEO pending an executive search.
Yogeshwar Sharma, independent director and chair of the special committee of the board which was appointed following the initial announcement of the Concerned Shareholders on December 6, 2013 commented: "It is clear that a change was required at Longreach as the Company moves forward in developing its assets. We would like to acknowledge the contributions made by the departing directors and Chief Executive Officer in bringing the Company to its current level, and we look forward to the re-constituted board and management team to move the Company forward towards achieving its full potential."
Dennis Sharp, Executive Chairman and interim CEO, also stated: "The new directors represent significant shareholders of the Company who are each committed to Longreach and their presence increases the overall independence of the board. The re-constituted board is fully committed to continuing to develop the Company's exciting prospects in Morocco."
Greg Boland, new independent director of the Company and President and CEO of West Face Capital Inc. commented: "As a significant shareholder of Longreach, West Face is optimistic about the Company's future. As an independent director of the Company, I look forward to bringing that optimism to the Company's boardroom and I look forward to working with the new board and management team towards achieving the Company's goals."