August 29, 2019

PNG Power CEO Blacklock Resigns

Statement

Yesterday, with the support of Chairman Nupiri, I gave notice that I will stand down from my role as acting Managing Director of PNG Power to make way for a more productive, healthy relationship with our shareholder. My last day will be today.

In recent months PNG Power has suffered badly from lack of payment for electricity from our largest customer and shareholder the Government. Chief Secretary has made no secret of the fact he believes I am not fit to hold the position of MD and has increasingly made any dealings impossible including those with the proposed Dirio power station. While the bullying and intimidation has been surprising, what concerns me most is that PNG Power under my leadership has been unable to achieve dispatching power from the commissioned, low cost, clean gas fired NiuPower Power Station. As a result, our costs have remained high and we are unable to sustain the double impact of continuing higher costs due to the failure to dispatch from NiuPower and Government not paying its way for electricity.

I have made a very hard but strategic decision to stand down in the hope it allows relations between PNG Power and our shareholder to normalise and thus allow the reform of our company to continue. We have made great progress to date and it is selfish of me to remain just because I love my job.

I have thoroughly enjoyed my 18 months as your leader and will remain forever your number one fan. You have proven that when good people put their heads together, treat each other with care and respect and work hard anything is possible. A change of the scale we have underway requires strong leadership from the Board and Management but it also requires collaboration and genuine intent from all of you, our customers, development partners, financiers and suppliers. We have that. You are all trusted to deliver. I am very proud of each little and large effort you have made as individuals and teams to make PNG Power a better company.

The future is even brighter and yes I am very sad that I will not be with you every day driving to achieve these goals but I am also confident I am not needed. The path is clear for our company to be Safe, Reliable and Financially Viable. Sticking to the Least Cost Power Development Plan is omni-important. I have included a draft press release I intended to publish tomorrow but will now leave to the management team to decide when the time is right. It sets out the LCDP and the goals of the reform agenda.

Thank you for your dedication to everything I have asked of you. Thank you for taking me in as family and allowing me the greatest joy of my life to be part of Team PNG Power. I shall forever now be a pawa meri with pride.

Please support your EXCO. They are some of the finest men I know. Sam with the Board under the leadership of Chairman Nupiri. Great business people who all care deeply about you and PNG Power. Please give them your full support.

Chairman Nupiri who I did not know before May last year, has become a trusted advisor. He has unquestioned integrity and the courage to navigate our path forward. I have really enjoyed our discussions even though where we have disagreed. Young men and women of PNG Power please model yourselves on people like Peter Nupiri. We need thousands not one or two to move PNG forward.

Continue to respect each other. Make sure the centres outside of Moresby are given more than their fair share of attention and resources. They do it harder and deserve our extra support.

Please keep in touch. I would love to hear of your challenges and successes and of course help in any way you think I can. My personal email is cazblacklock@gmail.com and my mobile will remain 76207117 and my Australian number +61456786782

Chairman will announce a new acting MD tomorrow morning following a Board meeting.

With a sad heart but hope for the future of PNG Power and our country, I say farewell.

May God bless you all.

Carolyn.

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