| Thu 15 Dec 2011, 8:00 | | FSE - Firestone Energy Limited - Mr Timothy Tebeila appointed Chairman of |
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FSE
FSE
FSE - Firestone Energy Limited - Mr Timothy Tebeila appointed Chairman of
Firestone Energy Limited
FIRESTONE ENERGY LIMITED
(Registration number: ABN 058 436 794)
(SA company registration number: 200/023973/10
Share code on the JSE: FSE
Share code on the ASX: FSE
ISIN: AU000000FSE6
("FSE" or "the Company")
MR TIMOTHY TEBEILA APPOINTED CHAIRMAN OF FIRESTONE ENERGY LIMITED
Firestone Energy Limited (ASX/JSE : FSE) ("Firestone" or the "Company") is
pleased to announce the appointment of Mr Timothy Tebeila as Chairman of the
Firestone Energy Board. This appointment follows a decision made by Mr David
Perkins who has held the position of Chairman since January 2011, and has
recently relinquished the position due to other work commitments.
Commenting on the appointment, the Board stated, "We are delighted to have
Tim on board given his previous achievements and success in dealing with
aspects of mining, economic and social development in South Africa. With
Firestone Energy`s achievements to date and Tim`s considerable contribution
in getting the key approvals over the line, Firestone Energy is now well
positioned to ensure the success of the Waterberg Coal Project for Firestone
Energy and, just as importantly, for Sekoko and its people."
"Tim has extensive experience in the South African mining environment. He
understands the Waterberg Coalfield`s operating conditions, and he has
developed effective working relationships with stakeholders at all levels."
"He is a member of various business organisations such as South African
Mining Development Association (SAMDA); South African Business Unity South
Africa (BUSA); and his role at the National African Federated Chamber of
Commerce and Industry (Nafcoc), has provided him with in-depth experience
and knowledge of the country`s system of business and mining law, which we
believe will prove to be invaluable to our South African focused strategy.
Furthermore, Tim has been noted for his contributions in structuring joint
venture deals in South Africa, which will no doubt be an integral asset as
the Company looks to future development"
Tim Tebeila commented; "I am delighted to be part of the Firestone Energy
Board to assist in the Company`s flagship project in the Limpopo Province,
South Africa. The management of Firestone Energy and Sekoko have done a
sterling job in ensuring that the Waterberg Project is at an advanced stage
of development, and will benefit both Firestone Energy shareholders and the
people of Limpopo Province.
The Board would like to extend its gratitude to Mr Perkins for helping the
Company focus its development strengths which culminated in obtaining the
mining right approval for Firestone Energy`s Waterberg Project, a
significant achievement for the company.
FURTHER INFORMATION:
David Knox
CEO
www.firestoneenergy.com.au
ABOUT TIMOTHY TEBEILA
Timothy Tebeila is the Founder and Chairman of Sekoko Resources (Pty) Ltd, a
South African-based black-owned energy and minerals company developing coal,
magnetite iron ore and platinum group metals (PGMs). He has been responsible
for driving the company`s business strategy attracting multinational
companies and strategic investors within the energy and mining sectors
expressing interest in his projects.
Tim is an entrepreneur and philanthropist. With a career spanning over 20
years, he established a successful specialist insurance brokerage company
that grew rapidly and was subsequently bought by Channel Life Insurance. He
also started a real estate development business and then moved into
construction, forming Tebcon Developments that has grown to become a major
contracting firm in Limpopo.
His various business responsibilities include being a Trustee of the Board
of Business Unity South Africa (BUSA), which is a voice of organized
business in South Africa. Amongst his many notable achievements, Tim was a
finalist in the Ernst & Young 2010 World Entrepreneur Awards Programme, he
was named Top 20 Forbes Africa Person of the Year (wherein he competed with
some of Africa`s Heads of States, and is in the same ranking as Kofi Annan,
who is sitting at number 16).
About Firestone Energy
Firestone Energy Limited is an independent, Australian exploration and
development company listed on the Australian Stock Exchange Ltd (ASX) and
the Johannesburg Stock Exchange (JSE). Firestone Energy has entered into a
Joint Venture with Sekoko Resources (Pty) Ltd through which Firestone Energy
has acquired the right to 60% participation interests in the Waterberg Coal
Project located in Lephalale area, Limpopo Province, South Africa.
The first stage of the project is to develop the Smitspan mine which has a
substantial measured thermal coal resource and to develop the Vetleegte mine
which is a substantial metallurgical coal deposit.
Firestone Energy is committed to becoming a profitable independent coal and
energy producer at its projects in South Africa, thereby making a
substantial contribution to the social and economic development of the
Lephalale area and South Africa.
Corporate Details
ASX: FSE
JSE: FSE
Issued Capital:
2,958 million ordinary shares
Major Shareholders:
Sekoko Resources (Pty) Ltd
Linc Energy Ltd
BBY Nominees Ltd
Bell Potter Nominees Ltd
Directors and Officers
Non Executive Directors:
Tim Tebeila (Chairman)
David Perkins (Deputy Chairman)
Dr Pius Kasolo
Mr Colin McIntyre
Mr Ben Mphahlele
Mr Kobus Terblanche
Company Secretary:
Jerry Monzu
Contact:
Suite B9, 431 Roberts Road
Subiaco, Western Australia 6008
Tel: +61 (0)8 9287 4600
Web: www.firestoneenergy.com.au
Pretoria
15 December 2011
Sponsor
River Group
Date: 15/12/2011 08:00:39 Produced by the JSE SENS Department.
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