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PRESS RELEASE INTERIM MANAGEMENT TEAM TAKES OVER AT NOCAL MONROVIA -­‐ August 28, 2015: The Board of Directors of the National Oil Company of Liberia (NOCAL) has announced the appointment of Counselor Althea Sherman, Chief Operating Officer, as head of an Interim Transitional Management Team. Other members of the team are the Vice President of Technical Services, Mr. Rufus Tarnue, and the Vice President of Finance, Mr. Karmo Ville. Making the announcement Thursday, August 27, at a general staff meeting, the Vice Chairman of the Board, Mr. Fred Bass Golokai, said the decision was in keeping with a mandate of President Ellen Johnson Sirleaf to restructure the company. The Interim Management Team, Mr. Bass said will among other responsibilities, implement the Sustainable Action Plan (SAP) of the corporation, under the supervision of an Interim Board of Directors, which has also been appointed by the President. The Interim Board is headed by its current Chairman, Cllr. Seward Cooper. Other members are Counselor Peter K. Jallah, the minister of Finance & Development Planning, Mr. Amara Konneh, as well as Lands, Mines & Energy minister, Mr. Patrick Sendolo. The Interim Transitional Team under the guidance of the Board will take on the immediate task of implementing the SAP, including payment of severance to employees at all levels of the organization. The Vice Chairman also announced the retirement of the President & CEO, Dr. Randolph A.K.W. McClain. He said the retirement of Dr. McClain was also in line with the ongoing restructuring plan of NOCAL. As part of the exercise, the Vice President of Administration, Mrs. Vida Mensah, the acting Vice President of Corporate Social Relations, Mr. Pete Norman and the Vice President of Public Affairs, Mr. Lamini A. Waritay, have also resigned. Mr. Bass, on behalf of the Board, thanked the outgoing executives of NOCAL for their services to the company and the country and urged the staff to cooperate with the new Interim management team for a smooth transition. For his part, the outgoing CEO McClain thanked the Board, management and staff for the support during his tenure. He spoke of the significant progress made in the sector which has attracted top-­‐notched companies into the emerging oil industry of the country. Dr. McClain welcomed the appointment of the transitional management team, adding, “I have confidence in their ability to carry out the tasks to which they have been assigned.” The head of the Interim Management Team, Cllr. Althea Sherman, lauded the outgoing President & CEO as well as the three outgoing Vice Presidents for their contribution. Counsellor Sherman also thanked employees for their patience and cooperation during the restructuring process. For further inquiries contact: Cyrus Wleh Badio Director/Public Affairs National Oil Company of Liberia Email: [email protected]