Australian oil and gas explorer TTE Petroleum informed it has appointed Maurice Brand as executive chairman of the company with immediate effect.
Maurice Brand, founder and former managing director and CEO of LNG Limited also became a major shareholder in the company through a private investment.
TTE Petroleum completed a A$1.2 million capital raising through the placement of 836,112,649 new fully paid ordinary shares.
Brand stepped down as an executive director of LNG Limited in July after the company made cuts at the executive level, reducing headcount by 13 employees, including one consultant, based in Australia, Indonesia and the U.S.
Speaking of his appointment and investment, Brand said that “TTE Petroleum currently presents an excellent investment opportunity and a platform to create a global energy business at the right time in the cycle.”
He noted that a number early shareholders of LNG Limited joined him on the TTE Petroleum register through the placement and conversion of notes.