In line with previous restructuring efforts, PICO Cheiron appointed three new Managing Directors at our Joint Operating Companies. The new directors bring in a wealth of international experience to their respective companies. Mr. Hamed Ibrahim Abdel Karim has been appointed Managing Director of PetroGulf, bringing with him 36 years of oil and gas experience. With previous experience at Gupco and Haliburton, Mr. Abdel Karim joined PICO in 2006 as Exploration Manager, before becoming Managing Director of Gempetco. Mr. Ihab Girgis was appointed Managing Director of Gempetco. Mr. Girgis has worked with numerous oil and gas firms including BG Group and Schlumberger, bringing with him over 15 years of experience in the industry. Mr. Shamrendra Singh has been appointed Managing Director of Amal Petroleum Corporation. With around 18 years in the oil and gas industry, Mr. Singh has developed solid technical and managerial capabilities in the industry after spending numerous years with companies such as BG Group and Enron.