Management

Directors

The Board comprises:

Gordon Leonard Toll, Non-Executive Chairman
Mr. Toll is an Australian mining engineer with over 36 years’ experience in the mining industry. He has an MBA from Columbia University in the USA and is a member of the Australian Institute of Mining and Metallurgy. His career in the mining and minerals industry has included six and a half years with BHP Iron Ore in Australia including four years as production manager. Following this, he worked for Texasgulf, Inc. as Manager of Mining International. In the 1980s, he worked for Atlantic Richfield Coal and was involved in building two coal mines in Indonesia and Venezuela. He then worked for seven years with Rio Tinto where he became the Group Mining Executive based in London. Until 2001, he was the Chairman of Emperor Mines Limited, a gold mining company listed in Australia with assets in Fiji and concurrently and until December 2004 was Deputy Chairman of Ivanhoe Mines Limited, listed in Canada and currently exploring a world class copper/gold deposit in Mongolia.

Dr. Janchiv Oyungerel, Non-Executive Deputy Chair
Dr. Oyungerel graduated from the Institute of Petrochemical and Gas Industry, Moscow in 1979. She began her career as an economist at the Ulaanbaatar Oil Terminal and in 1982 became the Chief Economist at the Petroleum Supply Department at the Mongolian Ministry of Transportation where she was employed until 1991. In 1991, she was appointed the General Director of the Petroleum Import Concern of Mongolia and in 1994 became the General Director and Chair of the Board of Directors of the government owned company, Neft Import Company (NIC). In 1996, she founded Petrovis LLC and was the General Director until January 2008 and has been Chair ever since. She has completed an Oil Economics and Marketing Program at the Arthur D. Little Institute in Cambridge, USA. In January 2007, she completed a doctorate in economics in Moscow, Russia. Since 2001, she has been the Chair of the Board of Directors of Prime General (Insurance) Daatgal LLC, and from 2005 the Chair of the Board of Directors of Unigas LLC.

Douglas John McGay, Chief Executive Officer
Mr. McGay is a land, mining and engineering surveyor by profession. Between 1974 and 1988 he was the principal of his own practice, McGay Surveys. The head office was in Kalgoorlie, with offices and operations throughout Australia. Following the sale of McGay Surveys in 1988, he remained involved in the mining and mineral industry as a management consultant to international mining and exploration companies providing computer generated aerial mapping services. In 1997, he moved to Mongolia initially pursuing his profession, but then expanding to a general resource industry service consultancy, mainly as the Country Manager for a mineral exploration companies. He was most recently involved in forming the Mongolian NGO, the “Minerals and Mining Development Foundation”, serving as founding Executive Director. In 2005, he was part of the formation of Central Asian Petroleum Corporation Limited. Mr. McGay lives in Mongolia.

Clyde Robert Evans, Finance Director
Mr. Evans was a career banker, having spent 37 years with National Australia Bank (NAB), where he was involved at senior leadership levels. He successfully led and managed NAB’s Western Australian corporate banking centres, catering for NAB’s large base of public listed industrial and natural resource companies.

Sarangua Davaadorj, Non-Executive Director
After graduating from the Moscow State University Law Faculty with Bachelors and Masters Degrees in International Law, Ms. Sarangua began her career in Mongolia as in-house counsel at a large national geological and geophysical exploration company, where she assisted in the establishment of the first natural resource database in the country and drafting contracts with international oil exploration companies on behalf of the Government. In 1992, she joined the State Bureau of Mines of Mongolia where she coordinated the restructuring of the mining industry and participated in the drafting of the first Mining Law of Mongolia. In 1993, she obtained a Masters of Law from Harvard Law School. In 1993, she became General Counsel and a Head of the Department of International Cooperation at the Ministry of Geology and Mineral Resources, Ulaanbaatar. In 1994, she co-founded Arlex Consulting Services Ltd, one of the first law firms in Mongolia. In 1998, she became an Associate Director at the International Law Institute in Washington, DC and a consultant to the World Bank Legal Department for East Asia and the Pacific. From 2001 to 2003, she was Marketing Manager for Emerging Markets at LTB Limited, a firm providing financial and corporate advisory services. Currently, she is a Managing Director for PITPROP Limited, a London based consulting firm working on structuring financing for oil, gas and mining projects in Russia, Kazakhstan, Mongolia and Central Asia.

Dr. John Campbell Robertson, Non-Executive Director
Following his undergraduate studies at the University of St. Andrews, Dr. Robertson completed a doctorate in engineering at the University of Dundee. Dr. Robertson began his career in 1970 with J. Henry Schroder Wagg, the London merchant bank and, in 1972, he joined the corporate finance department of Cannon Street Investments. In 1975, he joined the Ultramar group of companies where he held a number of senior positions in London, Montreal, Toronto and New York. In 1992, he returned to London and joined Durlacher, a UK stockbroker where he advised corporate finance clients. From February 1995 until his retirement in June 2005, he was a director of Nabarro Wells & Co., the London based independent corporate finance advisory firm where he brought a number of significant oil and gas and mining companies to AIM. He is a non-executive director of a number of AIM and Australian Stock Exchange quoted companies.

Senior management
The following are the other members of the Group’s senior management:

Tuul Amarzul, Executive Director of Capcorp Mongolia LLC and Petro Matad LLC
Ms. Amarzul is a Mongolian citizen, educated in Singapore and has a BA degree in Foreign Relations. She has worked in the Mongolian Government’s Foreign Investment and Foreign Trade Agency (FIFTA). Ms. Amarzul joined the resources sector in Mongolia in 2003, holding senior management positions in private sector resource companies.

Budjav Dendevchuluun, General Manager of Petro Matad LLC
Mr. Dendevchuluun has 38 years’ experience as a geophysicist, engineer and executive in various state agencies and private companies. He started work with the Geophysic-topomapping Authority and went on to be appointed as the Chairman of the State Industrial Authority of Mongolia. In his latter role, he was one of the initiators and developers of the 1991 Petroleum Law of Mongolia. Mr. Dendevchuluun has a BSc degree in geophysical engineering from the Polytechnic of Irkutsk, Russia.

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