Chariot Oil & Gas said it plans to reduce its headcount by a third as it looks to make cost savings.
The company said the move will see a reduction in personnel and payroll in its head office.
It will reduce its board, significantly decreasing the number of members.
In a statement, Chariot said excluding restructuring costs, the changes would produce savings of $1.5million per year.
Chief executive Larry Bottomley said:”Chariot has built a high quality, exploration portfolio and is maturing this to expose stakeholders to the potential for transformational growth through the drilling of material prospects. The Company has been able to position itself within the current environment through focusing on protecting cash, protecting the portfolio, partnering and capitalising on market conditions.
“These reductions create greater financial flexibility in this “lower for longer” oil price environment.
“Those who will be leaving Chariot have made a significant contribution towards the development of our portfolio and the successful delivery of operations. I would like to thank them for their support and wish each of them the best for the future.”
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