New boss fuels confidence at Innamincka Petroleum
Written on the 17 April 2009
DAVID Kinsman has been appointed CEO of Innamincka Petroleum Limited following the retirement of managing director Ross Wecker.
Kinsman was not expecting the position and will continue to follow the policy established by his predecessor.
“It sort of came about a little out of the blue, so certainly for me this is very exciting,” says Kinsman.
“The company was well established by Ross (Wecker) and we’re facing a time when, like for all companies, the economic climate is not as robust as previously but we’re making sure we’ll do well and we’re making sure we’re well positioned,” he says.
He flags the company’s main plan as furthering the expansion of coal seam gas projects in the Cooper Basin, as part of a partnership with AGL that was undertaken leading up to Christmas last year.
In the half-yearly report ended December 31, Innamincka ran a loss of $10.5 million, and Kinsman explains that in the current economic conditions the company is investigating the future of their petroleum assets.
Kinsman holds of a lot of respect for the outgoing managing director and was previously financial officer for Innamincka having joined the company in 2008.
“Ross (Wecker) is well respected widely in Australia and the industry for his ability as an explorationist – he found the assets that Innamincka is based upon, took us through the ASX listing process and he is the backbone of this company.”