LONDON (ShareCast) - (ShareCast News) - Oil exploration firm TomCo Energy has appointed Christopher Brown as chief executive officer.
The AIM-listed company confirmed the move on Tuesday noting that the incoming CEO has chosen to receive a "modest salary and no bonuses" in order to support operations.

Brown is the founder and managing director of London Mining, which under his direction between April 2005 and February 2009, acquired an iron ore mine in Brazil in 2007 for circa $65m, which was subsequently sold a year later for circa $810m; and which led to the company making a capital return of circa $427m to its shareholders in 2008.

Additionally, Brown was instrumental in acquiring iron ore projects in Greenland, Sierra Leone, Saudi Arabia and Mexico, as well as coal assets in South Africa for London Mining.

He is also the life tenant and settlor of the BBCK Family Trust in Jersey, and therefore an indirect beneficiary of Kenglo One, a Jersey-based company that is the largest shareholder of TomCo with a 23.8% interest.

At 1606 BST, TomCo Energy's share price was unchanged at 0.12p.

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