21 October 2004
EastCoast Energy appoints new President to head Tanzanian operations
TORTOLA, British Virgin Islands -- The Board of Directors of EastCoast Energy Corporation ("EastCoast" or the "Company") has announced the appointment of Peter Clutterbuck as President and CEO effective immediately. He replaces W. David Lyons who will assume the position of non-executive Chairman.
Since 2001, Mr. Clutterbuck has been Vice President Operations, and later Acting President of the company's Tanzania natural gas production and marketing businesses, now operating as EastCoast Energy Corporation. He has been instrumental in advancing the development of the Songo Songo natural gas field offshore Tanzania, its downstream infrastructure, and the building of new industrial natural gas markets in East Africa for incremental gas production from the Songo Songo gas field.
Mr. Clutterbuck's experience includes 15 years with BP Group in the Middle East, North Sea and North Slope Alaska, where he held operations and management positions. Subsequently, he managed a number of independent oil companies operating in the former Soviet Union, South America, and Asia. Mr. Clutterbuck has substantial experience managing onshore and offshore oil and gas operations, and has served on the Boards of public companies in both executive and non-executive positions.
Mr. Clutterbuck has an Honours Masters Degree in Engineering from Cambridge University, and has served on the Board of the Society of Petroleum Engineers in London since 1998, where he has been active in advancing continuing education programmes and professional development within the petroleum industry.EastCoast Energy Corporation is a TSX Venture Exchange (TSXV) listed company focused on the production of Tanzanian natural gas and the sale of "Additional Gas" to markets in East Africa. The Company was spun out from PanOcean Energy Corporation as a separate public company on 31 August 2004. EastCoast Energy Class B Subordinate Voting Shares and Class A Common Shares are listed for trading on the TSXV under the trading symbols ECE.A and ECE.B. The company is headquartered in Tortola, British Virgin Islands and maintains its operations offices in Dar es Salaam, Tanzania. The TSXV neither approves nor disapproves the information contained in this news release.
Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond EastCoast Energy's control, including: the impact of general economic conditions in the areas in which the Company operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, government intervention, third party contractual behaviour, the speed at which gas markets develop, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with operating a limited number of producing wells and gas related infrastructure, therefore EastCoast Energy's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that EastCoast Energy will derive therefrom.
For further information please contact:
Peter Clutterbuck, President and CEO
+255 (0)22 2138737
Nigel A Friend, CFO
+255 (0)22 2138737