30th Apr 2009 09:12
Cadogan Petroleum PLC
("Cadogan" or "the Company")
Cost Control Programme
Inline with the Company's current strong focus on cost control and as part of its ongoing operational review, Cadogan today announces an initial reduction in staffing levels by 126 employees, resulting in annualised pre-tax cost savings of approximately £637,000 plus other indirect savings with effect from 1st July 2009. There will be a one-off cash cost to the Company of approximately £53,000 relating to this staff programme. Following these reductions the Company will have 337 employees.
This reduction in staff numbers has no impact on the previously announced and ongoing operational review, which will be completed in the second quarter of the year as planned. Like many E&P companies, Cadogan outsources much of its drilling and completion activities and as such the lower number of ongoing people employed by the Company will have no material impact on its operations and capabilities or the outcome of the review.
30 April 2009
Enquiries
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Cadogan Petroleum plc |
+44 20 7245 0801 |
|
Ian Baron, Interim Chief Executive Officer |
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Alex Sawka, Chief Financial Officer |
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Pelham PR |
|
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James Henderson |
+44 20 7337 1501 |
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Evgeniy Chuikov |
+44 20 7337 1513 |
|
Philip Dennis |
+44 20 7337 1516 |
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