Westgold Resources NL told the stock exchange it will divest its West Australian mineral exploration properties and begin looking for oil and gas opportunities, in particularly production openings.
Two years ago the Westgold board took the decision to get out of grassroots mineral exploration and has been quitting its properties. It is understood this same policy will apply to the new oil and gas role with Mr Hill looking to pick projects that are ready for development.
The decision to rebuild Westgold follows a difficult year for the company. Mr Hill has been locked in litigation with Roderick Smith, chairman of Precious Metals Australia suing him for $3 million over alleged misleading and deceptive conduct involving Westgold buying shares in PMA.
Mr Smith countered with a court action for unfair dismissal from Mr Hill's Saracen group.
