(14/10/05) Appointment of Director

The Company is pleased to announce the promotion to the Board of Mr Gary Hudson, the Company’s Technical Director.

Mr Hudson heads the Company’s technical team and has responsibility for the construction of the US ethanol project.

Aged 63 he has over 40 years of construction experience including the management of a number of complex projects in excess of $100 million in value. His work has largely been in the oil and gas industry and has taken him all over the world. Whilst with Bechtel before joining the Company, he supervised all aspects, from the design to the construction and commissioning of the $350 million Cantrell Oil Field development for PEMEX in the Gulf of Mexico. He has managed the construction arm of Dragados Offshore SA in Spain and was General Manager for Mannai Corporation in Qatar, responsible for the company’s fabrication yard and business development. He has a degree in Civil Engineering, is a Registered Professional Engineer and a member of the Institute of Petroleum.

The Company has today separately announced the departure of its Chief Executive, Michael Fox to pursue other interests.

Lead by the Chairman, Peter Middleton, the Senior Management of the Company will cover Mr Fox’s previous workload, and ensure an uninterrupted focus upon the delivery of the Company’s strategy, including primarily the US ethanol project.

The non-replacement of Mr Fox, as Chief Executive, will contribute towards a cost control exercise which the Board has instigated.

The US ethanol project has commenced construction in September and is proceeding to plan.

 

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