Business
Corporate Update
Corporate Update.
About this update from Chariot Limited
[{"type":"text","content":"\n \nRNS Number : 7156X Chariot Oil & Gas Ld 10 May 2016 \n\n \n10 May 2016 \nChariot Oil & Gas Limited\nCorporate Update\nChariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, today provides an update on its cost structure and Board changes. \n \nAs part of Chariot's ongoing focus on capital discipline and in light of the continuously challenging business environment, the Company will be taking the following actions: \n \n· A reduction in personnel and payroll in the head office by approximately a third.\n· A reduction in the size and cost of the Board with Matthew Taylor, Technical Executive Director, David Bodecott, Non-Executive Director and Bill Trojan, Non-Executive Director to step down from the Board. David and Bill will step down immediately and Matthew will retire by rotation at the next AGM but will continue to work with Chariot on a consultancy basis, with particular focus on portfolio de-risking and other technical aspects of the exploration programme.\n· Excluding restructuring costs, these changes in association with other G&A initiatives are expected to realise net cash savings of approximately US$1.5million per year. These savings are in addition to the US$1.5million cost reduction announced on 5th May, 2015.\n \nThe Company continues to be fully funded to more than satisfy all of its current work commitments. In line with Chariot's strategy, the Board regularly reviews expenditure across the business and this decision has been taken as a precautionary measure. Current market conditions remain challenging and these actions reflect the Board's consideration of the best interests for the Company and its stakeholders as well as taking a long term view of the business.\n \nGeorge Canjar, Chairman commented:\n\"This Board decision to reduce the overall cost base of the Company is directly linked to our continued focus on capital discipline while ensuring that we maintain the capacity to execute the business plan. These changes significantly reduce our G&A while retaining our core exploration expertise, operating capability and project delivery. \n\"I would like to thank Matthew Taylor, Dave Bodecott and Bill Trojan for the...