Geo Exploration Limited — Board/Management Information 2016

Jun 16, 2016

National Storage Mechanism | Additional information

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RNS Number : 3364B

Global Petroleum Ltd

16 June 2016

16 June 2016

Global Petroleum Limited

("Global" or "the Company")

Material Terms of Director's Appointment - Andrew Draffin

Global Petroleum Limited - AIM: GBP, ASX: GBP - the oil and gas exploration company presently focused on emerging plays in Africa and the Mediterranean, summarises in accordance with Listing Rule 3.16.4 the following material terms of the Appointment Agreement between the Company and Mr Draffin regarding his appointment as a Non-Executive Director.

Mr Draffin has been appointed to fill a casual vacancy on the Board.  As such his appointment is until the Company's Annual General Meeting in November when he will offer himself for election.  Under the Company's Constitution Directors are appointed for a maximum term of three years from their election, after which, in order to continue as a Director, they must again offer themselves for re-election.  These matters are also reflected in Mr Draffin's Appointment Agreement.

Under the Appointment Agreement Mr Draffin will receive Director's fees of A$30,000.00 per annum plus compulsory superannuation of 9.5%.  Mr Draffin is not currently entitled to any additional payments by way of consultancy or other fees, or to any grant of shares or options.  Mr Draffin is entitled to reimbursement of reasonable out of pocket expenses incurred by him in carrying out his duties as a Non-Executive Director.

Mr Draffin is entitled, to the maximum extent permitted by law, to an indemnity by the Company for liabilities incurred by Mr Draffin as a Director of the Company.  He is also entitled to be an insured under the Company's Directors and Officers insurance policy.

For further information please visit www.globalpetroleum.com.au or contact:

Global Petroleum Limited
Peter Hill, Managing Director & CEO	+44 (0) 20 7495 6802
Damien Cronin, Company Secretary	+61 (0) 7 3310 8732
RFC Ambrian Limited (Nominated Adviser & Joint Broker)
Charlie Cryer / Oliver Morse	+44 (0) 20 3440 6800
FirstEnergy Capital LLP (Joint Broker)
Hugh Sanderson	+44 (0) 20 7448 0200
Tavistock (Financial PR & IR)
Simon Hudson / Edward Portman	+44 (0) 20 7920 3150

This information is provided by RNS

The company news service from the London Stock Exchange

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