Pryme Energy Limited announced that the position of an Australia based CEO has been made redundant. Mr. Justin Pettett shall leave the employ of the company but will remain as a Non-Executive Director and the US based COO position has also been made redundant. Mr. Ryan Messer will also leave the employ of the company but will remain as a Non-Executive Director.

In the interest of further reducing costs, the position of CFO has been made redundant effective 15 March 2016, and the Company will outsource the reduced accounting functions thereafter. Mr. George Lloyd will resign as Chairman and Non-Executive Director effective 31 December 2015. Mr. Daniel Lanskey will be appointed Chairman effective 31 December 2015.

Messrs Pettett and Messer will cease their roles as Executive Directors and will become Non-Executive Directors of the Company.