Kea Petroleum appoints new MD

AIM-listed oil and gas group Kea Petroleum has appointed a new Managing Director, Richard Anthony Edward Parkes, a 25-year veteran to the upstream petroleum industry who will be responsible for the day-to-day running of the firm.

Parkes, aged 51, has held numerous technical and senior management positions in companies such as PetroFrontier, Santos and GeoServices. He will join the board with immediate effect, the company announced on Wednesday morning.

He will be based in New Zealand, where the majority of Kea's assets lie, mainly in the Taranaki and Northland Basins.

"We welcome Richard to theBoard and believe his diverse experience in frontier exploration and development of conventional and unconventional resources will be a valuable asset to Kea as we look to develop and commercialise our resources," said Chairman Ian Gowrie-Smith.

"Kea is entering a very active period with companies expressing a wish to farm into some of our leases and many simultaneous negotiations with the New Zealand Government, land owners and Equipment suppliers. Richard's input will be vital to our success."

Parkes holds no shares or options in Kea, the company said.