APPOINTMENT OF CHIEF EXECUTIVE OFFICER
The Board announces that, with effect from March 4, 2020 (Calgary time), Mr. Pingzai Wang (''Mr. Wang'') has been appointed as the CEO.
The biographic details of Mr. Wang are as follows:
Biographical information of Mr. Pingzai Wang (王平在)
Mr. Pingzai Wang, aged 53, is the senior Vice President, Exploration in charge of exploration activities of the Company. Mr. Wang joined the Company in October 2006 and served as the Vice President, Exploration of the Company since April 2008. Mr. Wang has been involved in natural gas and oil exploration projects since joining the Company.
Mr. Wang has over 30 years of experience in the natural gas and oil industry. He began his professional career in various oil and gas operations of China National Petroleum Corporation (''CNPC'') in 1988 and was a senior engineer of CNPC until 1998. Mr. Wang served as a geologist, chief geologist and exploration manager of Daqing Exploration Company of Daqing Oilfield Company Limited (大慶油田有限責任公司), a subsidiary of CNPC for the period from July 1988 to June 2002. Mr. Wang is experienced in energy exploration activities and was involved in several major energy exploration and development projects, including oil and gas projects in Hailar Basin (Inner Mongolia, China), Tarim Basin (Xinjiang, China) and Indonesian projects (South Sumatra, Java and Irian Jaya, etc.) from 1988 to 2006 during his employment under CNPC. His expertise in exploration seismic interpretation and prospects generation through his experience in CNPC has contributed substantially to the growth of the Company.
Mr. Wang obtained his Bachelor of Engineering degree in Petroleum Geology from Daqing Petroleum Institute (大慶石油學院) (now known as Northeast Petroleum University (東北石油大學)) in July 1988. Mr. Wang has been a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of Alberta (''APEGA'') since August 2013.
Mr. Wang has not entered into any service contract with the Company and there is no specific term or proposed length of service in respect of Mr. Wang's appointment as the CEO. Mr. Wang's emoluments as the CEO have not yet been determined, and will be determined by the Board with reference to his duties, responsibilities, remuneration policy of the Company and performance of the Company as well as the prevailing market condition, and shall be reviewed by the remuneration committee of the Board from time to time.
As at the date of this announcement, Mr. Wang held 440,000 shares of the Company, representing approximately 0.15% of the issued share capital of the Company.
Save as disclosed above, as at the date of this announcement, Mr. Wang (i) did not have any relationship with any Directors, senior management or substantial or controlling shareholders (as defined in the Listing Rules) of the Company; (ii) did not have any interest in the securities of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the