Bass Strait Oil Company Limited advised that the Board of Directors has after discussions with the Chief Executive Office, Mr. Steven Noske, served him with a formal notice of termination after two months from 14 March 2014. The notice of termination does not represent any dissatisfaction with Mr. Noske's performance as CEO. The Board is supportive of Mr. Noske in his role as CEO and Mr. Noske will continue to act as CEO during the notice period and work with the Board in carrying out this assessment.

When the assessment is completed, the Board will have further discussions with Mr. Noske with a view to him continuing in his role as CEO.