Aurelian Oil & Gas founder Michael Seymour retires from executive director role

Aurelian Oil & Gas (AIM: AUL) announced that founder Michael Seymour is retiring from his role as an executive director of the company with immediate effect. He will however remain on the Aurelian board as a non-executive director.

"Michael was the founder and visionary behind Aurelian. Through his knowledge and contacts he built a substantial land position with enormous exploration potential in some of the most prospective regions in Central Europe”, Aurelian chief executive Rowen Bainbridge commented. “It has been a pleasure working closely with him and I look forward to his continued contribution as a non executive director”.

Seymour founded Aurelian in 2002, and he was the company’s managing director until last year when he took over the role of exploration director and president.

In a separate regulatory statement, Aurelian informed investors that Michael Seymour has ceased to hold a non-beneficial interest in 1.9m Aurelian shares which are owned by Bellerophon Ltd – as a result of his wife’s resignation as a director of Bellerophon.

Subsequently, Seymour retains a beneficial interest in 5.1 million shares and a non-beneficial interest in 463,697 shares, representing an aggregate interest of 1.66% in the company’s issued share capital.

The company is focused on projects in central Europe, notably Poland, Bulgaria, Romania and Slovakia.

Aurelian’s operations span the Polish Central Lowlands sector of the Permian Zechstein/Rotliegendes basin to the north, the Polish, Slovakian and Romanian Carpathians in the middle and the Bulgarian Kamchya Depression in the south. The Carpathians, in particular, with its historically huge oil production from very shallow fields, offers strong potential for large new discoveries as seismic for the first time unlocks deeper prospects.

http://www.proactiveinvestors.com.au/companies/news/6241/aurelian-oil-gas-founder-michael-seymour-retires-from-executive-director-role-6241.html