Business
Cost Control Programme
Cost Control Programme.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n RNS Number : 4423R Cadogan Petroleum PLC 30 April 2009 \n \nCadogan Petroleum PLC\n('Cadogan' or 'the Company')\n\nCost Control Programme\n\nInline 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. \nThis 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. \n\n30 April 2009\nEnquiries\n\n\n\n\n\n\n\n\n\n\n\n\nCadogan Petroleum plc\n\n\n+44 20 7245 0801\n\n\n\n\nIan Baron, Interim Chief Executive Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAlex Sawka, Chief Financial Officer\n\n\n\n\n\n\n\n\n\n\n\n\nPelham PR\n\n\n\n\n\n\n\nJames Henderson\n\n\n+44 20 7337 1501\n\n\n\n\nEvgeniy Chuikov\n\n\n+44 20 7337 1513\n\n\n\n\nPhilip Dennis\n\n\n+44 20 7337 1516\n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCEAXLEDSPNEEE \n ","length":3888,"tagName":"div"}]