By Toyin Akinosho, Publisher
She oversaw the highly rewarding entry into Senegal, but superintended two disappointing dry holes offshore The Gambia…
Australian minnow FAR Limited, has fired its charismatic managing director.
FAR “advises that Catherine Norman has been given notice of termination from her role as Managing Director, effective immediately and has resigned as a director of the Company”, the company says in a release.
The personable Catherine Norman has been the face of FAR for over 10 years, presenting the company’s case for shareholder value at high profile conferences focused on the African hydrocarbon resource. A geophysicist by training, she was managing director at four companies (World Geoscience (UK) Limited, Fugro Airborne Surveys, Gippsland Offshore Petroleum and Flow Energy Ltd) before she jointed FAR in November 2011. She oversaw FAR’s highly rewarding entry into Senegal and was responsible for the decision that the company would take on the risk to explore the Northwest African margin (known as the MSGBC Basin). But the region has performed far below expectations. FAR has been particularly affected. Ms. Norman superintended two highly disappointing dry holes off The Gambia and the company has had to give up three assets in Guinea Bissau.
“Independent Chairman Patrick O’Connor will oversee the business during a period of transition”, FAR explains.
“With more than three decades’ Board and senior management experience across multiple industries including mining and oil & gas exploration, Mr O’Connor will manage the corporate activities of the Company to support FAR as it continues to progress its strategy to unlock shareholder value”.
It says: “Ms. Norman will also be available during her 12-month notice period to assist with any transitional matters as required, in accordance with her employment contract”.
“The time has now come for a fresh perspective to ensure the Company explores every opportunity to realise value for shareholders”, Mr O’Connor says in the company’s release, thanking Ms. Norman, on behalf of the Board, “for her significant contribution to the company”.