Marenica Energy Limited announced a number of important changes to its Management team. Murray Hill has been appointed to the Board as Managing Director effective immediately. The Board considers it is time to strengthen the financial and commercial management of the company in the quest to commercialize U-pgrade™.

To this end it has appointed two experienced people to the management team, John Sestan as Chief Commercial Officer and Riccardo Vittino as Chief Financial Officer. Their roles are part time and tailored to meet the company's day to day needs while maintaining its low cost and flexible business model. The appointments are timely with increasing interest in U-pgrade™ being evident from resource owners and potential investors.

Murray Hill joined Marenica as CEO in May 2012. Most recently John Sestan has been engaged by BP Australia in its transformation projects, including managing a ground breaking AUD 125 million non-recourse financing for a new non-operating joint venture established by BP Australia. Ric Vittino has over 30 years' experience in the resources sector with a focus on financial and corporate management.