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Novera Energy Ltd (NVE)

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Thursday 06 October, 2005

Novera Energy Ltd

Board Change

Novera Energy Ltd
06 October 2005



                                                            ASX/AIM ANNOUNCEMENT


6 October 2005



                  Novera Energy appoints new Chairman and CEO


Novera Energy announces the appointment of John Brown as Chairman and David
Fitzsimmons as Chief Executive Officer.

The following changes to the board and the management of Novera Energy all come
into effect on 10 October, 2005.


•         Mr John Brown, currently deputy Chairman, is appointed Chairman,
succeeding Dr Don Stammer, who will resign from the board

•         Mr David Fitzsimmons is appointed as chief executive officer and joins
the board as an executive director.  He succeeds Mr Shane Gannon who will
continue to serve as a non-executive director

•         Mr Michael Cairns is appointed to the board as a non-executive
director, replacing Mr Mark Hardgrave, who will be his alternate.  Michael
Cairns is a UK based associate of the Bennelong Group


David Scaysbrook, Executive Director, continues his involvement in strategy and
new developments.

These changes are consistent with previous statements by the board regarding the
migration of the company's activities to the United Kingdom and will better
align the management and governance of the company with its assets and growth
prospects. The company's shares will remain listed on the Australian and London
Stock Exchanges.

The new chairman, Mr John Brown, has been active in representing the company to
the UK investment community since joining the board at the time of the AIM
listing.

Retiring Chairman, Dr Don Stammer, commented ' The progression to a board with a
majority of directors based in the UK as well as a UK based CEO of David
Fitzsimmons calibre is the correct move, given our assets are there, our
revenues are in sterling and euros and our outstanding growth prospects are in
the UK and Europe. I strongly believe that these changes are in the best
interests of Novera Energy shareholders, both now and in the years to come'.

In implementing these changes, the board records its thanks to those who are
leaving the company and those whose roles are changing. The company is now in
the strongest position in its history thanks in no small measure to the efforts
of Dr Don Stammer as Chairman and Mr Shane Gannon as CEO.

Mr John Brown-Chairman

Novera Energy's new chairman, Mr John Brown, had a successful career as chief
executive of Speedy Hire plc, the Company he founded in 1977. It is now the
largest tool hire company in Europe, with over 300 depots.

John is also currently Chairman of Voller Energy, a fuel cell development
company, which listed on AIM in February 2005 and is Chairman of the audit
committee of Lookers plc, the UK's third largest car distributor.

John is a member of the North West Economic Panel of the Bank of England and
chairman of Scott Harris Limited, an investor relations consultancy.

Mr David Fitzsimmons-Chief Executive Officer

David Fitzsimmons has 27 years experience in the energy business.  He has held
senior positions in all core businesses within BP. He brings extensive
experience at managing international energy businesses, having been head of BP's
oil trading and President of BP Asia, based in Hong Kong.  Most recently he was
Group Vice-President and Commercial Director for BP's Gas, Power and Renewables
business.

David holds an MA from Cambridge, and a MSc in management from Stanford
University in the United States.

David said:  'Novera is in an excellent position in the renewable energy
business.  It has a strong and diversified asset base in joint venture with
Macquarie, is cash generative and is developing an attractive series of new
projects that will provide the basis for further growth. Its portfolio includes
land fill gas, wind power and an innovative project to generate renewable energy
from household waste.

'I am delighted to be joining the company at this exciting time and look forward
to working with all our key stakeholders to deliver sustained growth.'

Mr Michael Cairns-Non Executive Director

Mr Michael Cairns is joining the board as a non-executive director.  Michael is
an experienced executive who has held positions as Chairman, CEO, COO and
non-executive director of a variety of private equity, government and listed
public enterprises.  He has been a visiting lecturer at Cornell University and
is currently a Commissioner of English Heritage.

In relation to each of David Fitzsimmons and Michael Cairns, there is no
information that is required to be disclosed pursuant to Schedule 2 (g) of the
AIM Rules.  Information concerning the remuneration of the Chief Executive
Officer and the prior directorships of each new director is attached as Schedule
A.



About Novera Energy Limited

Novera Energy develops and, with its joint venture partner, owns 137 MW of
renewable energy assets across landfill gas, wind, hydro and industrial power in
the UK and Europe.

Among government directives for use of renewable energy which assist Novera's
business are the EU Renewables Directive which sets a 22 per cent target by 2010
across the EU15, and a UK legal directive of 10 per cent electricity from
renewables by 2010, and 15.4 per cent by 2015.

                                      ENDS



Additional information:



Australia:

David Reid, Westbrook Communications: +61 (02) 9231 0922 / mobile 0417 217157

Brian Stewart, Novera Energy, +61 (02) 9240 2704 / mobile 0403 465433



UK:

Ken Cronin/Janine Brewis, Gavin Anderson & Company, + 44 (0) 20 7554 1400



                              www.noveraenergy.com


                                   SCHEDULE A





6 October 2005



                           Terms of Appointment - CEO



                      Director Disclosures - New Directors





Mr David Fitzsimmons

Chief Executive Officer and Executive Director

Novera Energy Limited



Remuneration

Term of agreement: 12 month rolling, commencing 10 October 2005.



Fixed Compensation: Consists of base salary, car allowance and agreed cash bonus
for continuation of contract beyond 1 January 2007



Short Term Incentives: Eligible to participate in the Bonus Plan which will
award bonuses linked to performance measures approved by the Board and payable
in shares



Long Term Incentives: Eligible to participate in a new long term equity
incentive plan (LTIP) to be submitted to shareholders in general meeting for
approval. Share incentives are linked to a Total Shareholder Return measure
relative to a FTSE small cap index and also growth in net cash flow to end 2008
and beyond



Resignation: Employment may be terminated by 3 months written notice in writing.
Resignation results in forfeiture of all cash bonus and equity incentives.



Termination: Novera Energy may terminate the contract at any time by providing 3
months written notice. On notice of termination, other than for misconduct, an
agreed allocation of shares from the target LTIP allocation and accrued
entitlements (depending on whether the termination is for convenience or due to
a takeover) will be issueable but held in escrow until 2009.



Termination for serious misconduct: Novera Energy may terminate the employment
agreement at any time without notice, if found guilty of misconduct.



Disclosures

David Fitzsimmons (age 50)



David holds an MA from Cambridge, and a MSc in management from Stanford
University in the United States.



The following directorships have been held by David Fitzsimmons in the last five
years:

BP Exploration Operating Company Limited

BP Exploration (Kangean) Limited

BP Exploration (Vietnam) Limited

BP Exploration Company Limited





There are no other disclosures required under AIM rules, Schedule 2.






Mr Michael Cairns

Non-Executive Director

Novera Energy Limited



Disclosures

Michael Cairns (age 65)



The following directorships have been held in the last five years:

Queens Moat Houses plc

First Leisure plc

Thistle Hotels plc

Esporta plc

Novera Energy Europe Limited

Havana and George Properties Limited

Bennelong Group



There are no disclosures required to be made pursuant to AIM Rules, Schedule 2






                      This information is provided by RNS
            The company news service from the London Stock Exchange