Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, has informed that its Chief Financial Officer (CFO) Mark Reid will step down and that remuneration of all Board members will be reduced by 50%.
According to the company, Mark Reid, CFO, 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.
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%, Chariot said. This reduction will result in a net cash saving of c. $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 explained in the press release.
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.”