Marenica Energy Limited C/- AMRC Building 7 Conlon Street
Waterford WA 6152 www.marenicaenergy.com.au
3 November 2016
ASX Announcement
----------------------------------------------------------------------------------------------------------------------------------------------
Executive Commercial Director Remuneration
----------------------------------------------------------------------------------------------------------------------------------------------------------
In accordance with ASX Listing Rule 3.16.4, Marenica Energy Limited (ASX: MEY) ("Marenica") provides the following update of the remuneration information for Mr John Sestan, Chief Commercial Officer who was appointed Executive Commercial Director on 6 October 2016:
-
The Company is in discussions with Mr Sestan to finalise his contract
-
In the interim, commencing on 1 October, 2016 Mr Sestan will receive cash remuneration equivalent to an annual gross figure of $208,000 (inclusive of superannuation obligations and out of pocket expenses).
-
This remuneration was based on a part time commitment.
-
This remuneration is fully inclusive of Director Fees arising from Mr Sestan's role as a Director of Marenica.
The Board plans to complete these discussions with Mr Sestan's regarding his remuneration structure over the next month and will set Mr Sestan's remuneration for the period 1 November 2016 onwards. The Company will announce the agreed remuneration to market as required under ASX Listing Rule 3.16.4 once these discussions are complete.
END
For further information please contact:
Investors: Murray Hill Media: Tim Duncan
MD/CEO - Marenica Energy Limited Hintons
T: +61 8 6555 1816 Mob: 0408 441 122
E: [email protected] E: [email protected]
1