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Nido Appoints Mr Philip as Chief Executive Officer

Source: 1/17/2012, Location: Not categorized

Nido Petroleum Limited is pleased to announce that Mr Philip A Byrne, the Company’s recently appointed Chief Operating Officer, will replace Mr Jocot de Dios as CEO following Mr de Dios’ resignation effective as at close of business on 20 January 2012. Mr Byrne has over 25 years of experience in the oil and gas industry with his most recent role being President, North West Shelf Australia LNG (ALNG). Immediately prior to joining ALNG Mr Byrne was the Australian Country Head of BHP Billiton Petroleum and Head of Production. Mr Byrne has a MA in Natural Sciences (Geology) from Trinity College in Dublin, and a Master’s Degree in Petroleum Geology from the Imperial College in London. The key details of Mr Byrne’s CEO remuneration package are as follows:

- Base Salary - $500,000 per annum;
- Superannuation 12% - $60,000 per annum;
- Short term incentive – Mr Byrne will participate in Nido’s performance based Short Term Incentive Scheme (a summary of the terms and conditions of the STI Scheme has previously been disclosed in Annual Reports);
- Long term incentive – Mr Byrne will participate in Nido’s Employee Performance Rights Plan (previously approved by shareholders in general meeting);
- Mr Byrne’s existing entitlement to the Sign on and Retention Bonus granted upon his appointment as Chief Operating Officer and as previously disclosed in the draft Appendix 3B lodged on 10 October 2011 remains in effect; and
- Termination – If Nido terminates the employment contract for reasons other than for cause, then Nido is required to pay Mr Byrne six (6) months base salary and award a maximum of 1,666,667 ordinary shares in the Company in respect of any unvested Sign-on and Retention Bonus.

Commenting on the appointment of Mr Byrne, Mr William Bloking, Nido’s Chairman, stated: “The Board is delighted to appoint a person of the caliber of Philip Byrne as Chief Executive Officer, and we are confident that he will make a significant contribution to the Company. His timely promotion to the role ensures that there will be a smooth transition in executive leadership following Mr de Dios’ departure”.

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