5th May 2015 08:06
LONDON (Alliance News) - Chariot Oil and Gas Ltd Tuesday said it has taken precautionary measures after reviewing the company's costs in order to protects its finances.
Chariot said it will save USD1.5 million over the next year by slashing the remuneration of all its board members by 50%. Chief Financial Officer Mark Reid has also chosen to step down to pursue other interests, with Julian Maurice-Williams being promoted to acting chief financial officer from group financial controller.
"Further to an in-depth review with due consideration of the strategy, the portfolio and current market conditions, the board has deemed it financially prudent to reduce its overall remuneration by 50%. This reduction will result in a net cash saving of USD1.5 million over the course of the next year, serving to both protect the company's cash position and maintain Chariot's financial flexibility," said the company.
Chariot said it is fully funded to fulfil all of its current work commitments and said the decisions have been made as a "precautionary measure".
At the end of December 2014, Chariot had USD53.5 million in cash and was debt free.
Chariot shares were up 4.1% to 10.00 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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