CENTRAL Petroleum has appointed Leon Devaney to take over from Bruce Elsholz as chief financial officer of the company from 1 November.
Mr Devaney currently serves as chief commercial officer of Central, having taken on the role in November 2012.
He was instrumental in negotiating and closing the Palm Valley and Dingo Gas Fields acquisition earlier this year as well as the $50 million Macquarie Financing Facility used to underwrite the acquisition and development of the Dingo Gas Field project.
He had previously worked at QGC from 2004, and before this, senior roles in the Corporate Advisory arm of Deloitte, where he was active in structuring and implementing commercial and financing transactions for major energy and infrastructure projects across Australia.
Mr Elsholz plans to retire from the company on 30 November, and stepped down from his duties as company secretary on 25 August, enabling Joseph Morphea to be appointed as joint company secretary from that date.
Central managing director Richard Cottee said the appointment was a signal of the strength of its strong succession planning.
“Bruce has been with the company for over five years and has overseen enormous changes. The cut in the company’s net cash burn rate is testimony to his ability and the Company will miss his guidance,” he said.