FAR Ltd (ASX:FAR) has appointed Dr Alan Stein as non-executive director, increasing the company's oil and gas exploration and development expertise.
Dr Stein is a geologist with more than 30 years’ experience in the international gas and oil industry, having been one of the founding partners of the geoscience consultancy IKODA Limited based in London and Perth, and was founding managing director of Fusion Oil & Gas plc and Ophir Energy plc.
He was also appointed managing director of Ophir Energy plc upon its inception.
Ophir was involved in several discoveries in offshore Equatorial Guinea and Tanzania, discovering more than 20 trillion standard cubic feet of gas.
Dr Stein resigned from Ophir in 2012 to pursue his own business interests, at which time Ophir had a market capitalisation of approximately £2 billion.
Dr Stein is currently an adviser to the Boards of Anglo Tunisian Oil and Gas Limited and Carbon Aceh Pty Ltd.
Non-executive director fees update
In line with the board’s corporate cost-reducing strategy, the appointment of an additional non-executive director has prompted a reduction in existing non-executive director fees, effective April 1 2022.
From that date, non-executive director fees will be A$110,000 inclusive of superannuation per annum and the non-executive chairman fee will be A$145,000 inclusive of superannuation per annum.
This means there is no net increase in cost of the total director fees despite the new appointment.
About FAR
FAR Limited is an independent, Africa-focused, ASX-listed oil and gas exploration and development company with high value assets in West Africa and Australia.
In West Africa, FAR holds a portfolio of exploration licences in The Gambia and Guinea-Bissau. FAR also holds acreage surrounded by proven petroleum systems in the state of Western Australia.
The company has a highly experienced board and management team with strong relationships in Africa.