Canada’s Centurion Energy International Inc. announced proposed changes to the board of directors of the corporation. Leroy Wolbaum has advised the corporation that he will not stand for re-election at the next annual meeting of shareholders, and has resigned his position as a member of the board. Centurion's focus is on North Africa, where they currently operate in Tunisia and Egypt.
In his place, the corporation has proposed for election Robert Cook of Calgary, Alberta, who is a senior investment analyst with ARC Financial Corporation. ARC, through one of its funds, owns approximately 7.5 percent of the shares of the corporation and is, to the knowledge of the corporation, its second largest shareholder.
In addition, Badr Al-Aiban of Jeddah, Saudi Arabia, who is the chairman and chief executive officer of Delta Oil UK Limited, has advised the corporation that he does not wish to stand for re-election at the next annual meeting of shareholders because of other demands upon his time, and has also resigned his position.
Delta Oil UK Limited, the largest shareholder of the corporation, owning approximately 24.5 percent of the issued shares of the corporation, will continue to be represented on the board by Gary V. Awad, chairman and managing director of Three G Capital, who is an advisor to the Delta Group of companies.
The remaining board members have all agreed to stand for re-election at the annual general meeting of shareholders scheduled for June 18, 2003 at the Calgary Petroleum Club.— (menareport.com)
© 2003 Mena Report (www.menareport.com)
