Melbourne-based Carnarvon Petroleum - a 40% partner in Tiger’s Thai Wichian Buri field - said Brian Fraser has stepped down as Tiger president and CEO, and Marshall Abbott also resigning as director. Current director and chief financial officer William J Caughill has been appointed as interim president of Tiger.
Fraser and Abbott took control last year after a boardroom power struggle which saw a wholesale change in management at the Wichian Buri field.
Carnarvon said the Tiger Petroleum board had appointed Wolverton Securities to advise on strategic alternatives and that Carnarvon had started discussions with the new management, but would continue to take all necessary steps to protect its commercial interests.
Last September Carnarvon successfully commenced court proceedings in Alberta, Canada, seeking orders directing Pacific Tiger (Energy) Thailand and Pacific Tiger Energy to pay outstanding earnings and to comply with provisions of the joint operating and farm-in agreements relating to Wichian Buri.
When Pacific Tiger left New Zealand waters in early 2002 then Singapore-based president Mike Cvetanovic said the default of former PEP 38463 partner GEL Exploration and its failure to meet its joint venture operating agreement obligations was one reason for Pacific Tiger’s NZ exit.
