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LONDON - Nostrum Oil & Gas PLC (LSE:NOG) has appointed David Roberts as its new Chief Operating Officer, the company announced in a press release statement on Tuesday.
Roberts, who will report directly to CEO Viktor Gladun, replaces Robert Tinkhof, who retired on September 3 after serving in the position since February 2019.
The appointment constitutes a material related party transaction under DTR 7.3.8R regulations, as Roberts holds a 50% stake in RD Energy Caspian Holdings Limited, which owns 31,975,192 ordinary shares of Nostrum, representing 18.88% of the company’s ordinary share capital.
Roberts will receive an initial annual compensation of $396,000 plus benefits. His employment agreement includes a six-month notice period for termination by either party, with provisions for immediate termination under specific circumstances.
The board of Nostrum Oil & Gas has confirmed that the employment agreement with Roberts is "fair and reasonable" from the perspective of the company and shareholders who are not related parties, including minority shareholders.
CEO Viktor Gladun stated in the announcement: "I am delighted to welcome David to Nostrum. At the same time, I would like to thank Robert for his major contributions to the Company."
Nostrum Oil & Gas is an independent oil and gas company with operations focused in the pre-Caspian Basin.
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