Change in Director's Role
Perth, Sep 5, 2014 AEST (ABN Newswire) - ADX Energy Ltd (
ASX:ADX) (ADXRF:OTCMKTS) today announces that Mr Paul Fink is stepping down as Executive Technical Director to become a Non-Executive Director.
The Board of ADX has considered the situation carefully and has agreed to the proposal from Mr. Fink. In doing so, the Board secures continuity in relation to ADX's operations because Mr. Fink has agreed to still advise the company on technical matters as required on an ongoing basis. Mr. Fink will continue under a new consultancy contract which secures a minimum of 110 days for ADX for a day rate of AUD 1,650. The day rate for additional days will be reduced on a sliding scale. Other key terms of the contract include an initial term of one year from 1 September 2014, and termination by the Company giving notice and paying for any days up to the minimum of 110 days or by Mr. iving 3 months' notice.
ADX Chairman Ian Tchacos said: "We thank Mr. Fink for his contributions as a technical manager and director of ADX during the last seven years. His agreement to still be available to the company under a consultancy agreement ensures continuity, while making a substantial contribution to the ongoing reduction of overhead cost for the company".
About ADX Energy Limited
ADX Energy Limited's (
ASX:ADX) (OTCMKTS:ADXRF) is an Australian Stock Exchange (ASX) listed International Energy Explorer which is soon to become a Producer. The Company's Geographical focus is Onshore Europe and Offshore Mediterranean with a portfolio consisting of recently acquired Production as well as Appraisal, Development and Exploration Assets. ADX's interests are located in Romania, Italy, Tunisia and most recently Austria. The Company's immediate focus is on low cost, low risk, profitable resource commercialisation opportunities onshore and higher cost higher reward offshore projects in the longer term. The Company is headquartered in Perth, Western Australia with additional operating offices in Bucharest (Romania) and soon to be Vienna (Austria). The Company also has representative offices in Italy and Tunisia.
ADX Energy's vision is to establish a stable cash producing platform onshore Europe and develop a number of rapid resource to reserves opportunities as well as low risk exploration potential with access to infrastructure in favourable fiscal and operating environments.
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