Horizon Oil Ltd.’s chairman, Fraser Ainsworth AM, has advised of his intention to retire from the board, effective at the conclusion of the company’s Annual General Meeting on Nov. 20.
Ainsworth has served as chairman of the board since April 2002, during which the company’s portfolio has evolved from a spread of nonproducing exploration ventures to material interests in two producing fields in New Zealand and China and a large gas/condensate play in Papua New Guinea, which is currently under development.
In a statement, Ainsworth said, “I will hand Chairmanship over to Mr. John Humphrey following the Annual General Meeting. It is intended that two new non-executive directors will be appointed to the board during the next 12 months to replace John and I. It is also intended that John will then retire at the 2016 Annual General Meeting or soon after. The order of retirement of John and myself as directors has been determined having regard to the mix of skills on the board required by the company during the transitional period.”