EXPLORATION

Newly floated Orchard stumps up cash for assets, overhauls board

Newly-listed oil and gas player Orchard Petroleum has told the stock exchange it has paid US partner Nahabedian Exploration Group (NEG) $US2.5 million, fulfilling one of the key terms of an agreement entered into with NEG this week.

The agreement provides Orchard with the right to participate in the drilling of five oil and gas exploration prospects located in California.

Orchard also informed the market that it has overhauled its board, which will comprise of Stephen Graves (non-executive chairman), Stephen Warrener (executive director), Campbell Horsfall (non executive director) and existing director Frank Petruzzelli (non executive director).

John McGurk has resigned as director and chairman of the company while Richard Murphy has resigned as director and company secretary, Orchard said in a statement to the exchange.

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