Chariot Oil & Gas Ld Corporate Update (1560M)
May 05 2015 - 2:02AM
UK Regulatory
TIDMCHAR
RNS Number : 1560M
Chariot Oil & Gas Ld
05 May 2015
05 May 2015
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Corporate Update
Review of Board Remuneration and Board Changes
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins
focused oil and gas exploration company, today provides an update
on Board remuneration and Board changes.
As part of Chariot's ongoing focus on capital discipline and in
light of the current business environment, the Board has reviewed
all costs, including the remuneration for all of its members.
-- The remuneration of all Board members to be reduced by 50%
-- Mark Reid, Chief Financial Officer ("CFO") to step down from
the Board and Julian Maurice-Williams to be promoted to acting
CFO
-- These changes will realise a net cash saving of c.US$1.5m over the next year
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 c.US$1.5m over the course of the next year, serving to
both protect the Company's cash position and maintain Chariot's
financial flexibility.
The Company continues to be fully funded to satisfy all of its
current work commitments. In line with its strategy, the Board
regularly reviews expenditure across the business and this decision
has been taken as a precautionary measure. Current market
conditions are challenging and this agreement reflects 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.
Further to this decision, Mark Reid, Chief Financial Officer,
has chosen to step down from the Board and leave the Company to
pursue other interests with immediate effect. Julian
Maurice-Williams, currently the Group Financial Controller at
Chariot, has been promoted to the position of acting Chief
Financial Officer.
George Canjar, Chairman commented:
"The Board would like to thank Mark for his time with the
Company. He has been an influential and highly valued member of the
Executive team and was instrumental in securing funds through the
Placing last year. We wish him well with the future."
Larry Bottomley, CEO commented:
"This Board decision to significantly reduce its overall
remuneration package is directly linked to our continued focus on
capital discipline whilst ensuring that we maintain the capacity to
execute the business plan. We retain our exploration expertise and
operating capability and we remain committed to delivering on our
strategy and preserving Company funds.
I would like to take this opportunity to thank Mark for his
contributions to Chariot during his tenure. Mark has been a key
part of the Executive team and has made a significant contribution
towards both the strategic and financial aspects of the Company. I
would like to thank him for all his support over the last three
years and I wish him all the best for the future."
For further information please
contact:
Chariot Oil & Gas Limited
Larry Bottomley, CEO +44 (0)20 7318 0450
GMP Securities (Joint Broker)
Rob Collins, Emily Morris +44 (0)20 7647 2835
Jefferies International Limited
(Joint Broker)
Chris Zeal, Max Jones +44 (0)20 7029 8000
Finncap (Nominated Adviser)
Matt Goode, Christopher Raggett +44 (0)20 7220 0500
EMC2 Advisory
Natalia Erikssen +44 (0)78 0944 0929
NOTES TO EDITORS
About Chariot
Chariot Oil & Gas Limited is an independent oil and gas
exploration group. It holds licences covering four blocks in
Namibia, one block in Mauritania, three blocks in Morocco and four
licences in the Barreirinhas Basin offshore Brazil. All of these
blocks are currently in the exploration phase.
The ordinary shares of Chariot Oil & Gas Limited are
admitted to trading on the AIM Market of the London Stock Exchange
under the symbol 'CHAR'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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