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Quest Petroleum Appoints Anthony Milewski As MD To Head South Sumatra Oil And Gas Push

Quest Petroleum (ASX: QPN) has appointed Anthony Milewski as its managing director and chief executive officer as it prepares to drill its first exploration wells in South Sumatra.

Milewski, a lawyer, has extensive experience in the energy & resource industries and an active involvement in global capital markets having held board positions with several public energy and resource companies in emerging markets prior to joining Quest.

These include Skadden Arps, Renaissance Capital and Firebird Management.

Milewski has spent a significant part of his career living and working in emerging markets, including Africa, Russia and Asia.

Besides being a member of the New York State Bar, he holds a an M.A. in International Studies and a Juris Doctorate from the University of Washington He was a Fulbright scholar to Russia and holds an LLM in Russian law from the Russian Academy of Sciences.

"We are pleased to have someone of Anthony's calibre and experience taking the lead at Quest. He is a valuable addition to a strong technical team. His extensive experience in capital markets and proven ability to execute a business plan will underpin the development of the Company going forward," Quest chairman Gus Simpson said.

Milewski said he was excited to provide leadership to a team that had the vision, technical expertise and project scale to form the basis of a mid-tier producer in South Sumatra.

Raising funds

Quest is currently in the process of raising up to A$5 million through the issue of new shares in two equal placements to international and domestic institutions as well as existing retail shareholders to fund a three well drilling program in its Ranau production sharing contract.

The first tranche of the institutional placement to raise A$1.2 million has already being completed and the company is seeking shareholder approval for the remaining A$1.3 million as well as the A$2.5 million entitlement issue.

The shares are priced at A$0.006 each and include one free attaching option exercisable at A$0.015 each on or before 30 June 2016 for every two new shares subscribed.

Ranau drilling

Quest is in the process of contracting a rig for a 3 well drilling program within the Jaya sub-Basin that was identified through a joint study with the Geology Department of Trisakti University, an Indonesian educational institution focused on the oil and gas industry.

This will target the Kayumanis Lead plus the Sawat and Tabat leads targeting the Jaya sub-Basin, one of four sub-Basins that contain up to 3 kilometres of sediment that are the same oil and gas source rocks and reservoir rocks as those in the South Sumatra Basin and are believed to have the thermal maturity to generate oil and gas.

Studies have also indicated the oil and gas shows in surrounding wells in conjunction with observed oil seeps are evidence of a proven petroleum system in the area.

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