CORETRACK : Appointment of Chief Executive Officer
08/28/2011 | 11:15pmAPPOINTMENT OF CHIEF EXECUTIVE OFFICERANNOUNCEMENT 29 AUGUST 2011Coretrack Limited (“Coretrack” or “the Company”) is pleased to confirm the appointment of Mr Bernie Kelly as its new Chief Executive Officer, effective Monday 29 August 2011.
Mr Kelly is the former head of international oil and gas company Baker Hughes in Australasia and in that role was responsible for overseeing a workforce of up to 500 people. Baker Hughes is a diverse oil and gas company with operations across the oil and gas spectrum including drilling and coring, which makes Mr Kelly an ideal fit for Coretrack’s unique drilling and coring technologies.
Mr Kelly brings to the Company more than 15 years of oil and gas experience, with proven leadership qualities and has a strong background in people management and HSE.
Mr Kelly began his oil and gas career in 1995 as a sales engineer, before progressing into various key account management, sales and operations and business development roles within Nalco Exxon Energy Services, actively supporting the North Sea Operator Exploration and Production customer base. In 2003, he joined Baker Hughes Incorporated undertaking North Sea Region, Europe-Africa-Russia-Caspian Super Region, International Sales Management, Strategic Business Development and leadership roles in Aberdeen in the UK, before relocating to Dubai as Operations Vice President, Middle East & Asia Pacific for the Baker Petrolite Business Division.
Most recently, over the past 2 years, he was Baker Hughes Australasia Pty Ltd Operations Vice President, driving strategies to better serve employees, customers and the wider stakeholder community to accelerate business growth across the Drilling & Evaluation, Completion & Production products and services market segment before accepting the CEO role with Coretrack.
Bernie holds a Bachelor of Science (Honours) in Chemistry from the University of Strathclyde, Glasgow, UK.
Coretrack’s Chairman, Mr Matt Birney, today commented, “Bernie is a great fit for the Company at this point in time and we are very pleased to welcome him aboard. His oil and gas background will prove to be a major advantage for Coretrack and Globe Drill and I have no doubt that he will be able to hit the ground running with his strong grasp on the industry.”
“Coretrack is gearing up for its first oil and gas drilling contract and is also moving towards undertaking a commercial in field trial to prove up its Core Level Recorder System and I am quite sure that Bernie’s experience and enthusiasm will give us the best possible chance of success in the coming months.
The structure of Mr Kelly’s remuneration package is detailed in Appendix A.
AUTHORISED BY:
Shannon Coates
Company Secretary
Coretrack Limited is an ASX listed company that provides technical solutions to the energy industry in the form of down hole tools, products and services.
Since the company’s conception, Coretrack has focused primarily on building its highly anticipated integrated core tracking tool, the Core Level Recorder System (CLRS), and introducing the tool into the commercial market. The company has accelerated its operations and growth plan by acquiring one of Australia’s leading drill rig manufacturing/drilling services companies, Globe Drill Pty Ltd.
The Globe Drill acquisition has brought together two world class companies, both at the forefront of producing superior products and services for the global energy sector.
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ANNEXURE A
Mr Kelly is entitled to a base salary (plus statutory superannuation), and an annual cash bonus based on the gross earnings of the drilling division. He is also entitled to a % share in the Company’s net profit (with depreciation and amortization added back), which the Company may elect to pay in shares and/or options.
Mr Kelly will immediately receive an options package comprising:
