Petsec Energy Ltd announces the appointment of Mr. Syed Wamiq Bokhari to the position of Managing Director of Petsec Energy Ltd responsible for the development and growth of the Company’s MENA and U.S. operations.

Mr. Bokhari is a highly experienced production operations petroleum engineer and a senior oil and gas executive, having recently served as the CEO and Managing Director of Pakistan Petroleum Limited (the Pakistan National Oil Company) and prior to that as a senior manager for Kuwait Foreign Petroleum Exploration Co. (KUFPEC – a subsidiary of Kuwait National Oil Company).

Mr. Bokhari will report to the Executive Chairman, Mr. Terrence Fern, who steps down as Managing Director, and the Company Board. He will be located in Dubai with his main objective being to obtain Government consents and restart commercial oil production at the earliest, from the An Nagyah Oilfield in Block S-1, Yemen.

The An Nagyah Oilfield is the Company’s major asset, holding a developed 19.8 million barrels of recoverable oil remaining, of which 5.6 MMbo (27.5%) are net to Petsec Energy Ltd. The field has produced 25 million barrels of oil to-date from 25 wells, reaching a peak oil rate of 12,716 bopd in March 2006. The field has been shut-in since February 2014 by the previous operator, Occidental Petroleum.

Mr. Bokhari will also spend approximately 25% of his time in the US focussed on developing a strategy for operating in the USA.

Mr. Maki Petkovski, the CEO of Petsec Energy Middle Eastern Ltd who joined the Company in March 2015 and directed its activities in Yemen, will leave the Company on the 30th April to pursue other interests. The Board expresses its thanks to Mr. Petkovski for his efforts over the past four years and wishes him well in his next endeavour.