Max Petroleum has announced a raft of cost cutting ventures as part of an overarching strategy to save $4million.
The Kazakhstan-focused firm confirmed it will shut its Houston office, downsize its London operation and reduce its senior management across the board.
The business is currently re-positioning itself within the market from its traditional exploration persona.
Under the cost cutting campaign, company President Michael Young has left his post with immediate effect.
He will be replaced by Kevin Clark the firm’s chief accounting officer.
Chairman Robert Holland said: “Mike has done an excellent job under challenging circumstances and his departure reflects the company’s evolution from primarily exploration to development and production, and related prioritisation of maximisation of cash flow. We are fortunate to have an able successor in Kevin.”
Max Petroleum said the various moves will shave 30% off the total general and administrative costs from the previous fiscal year.
It’s also safeguarding a $3.8million reserve pot for severance pay and any other expenses associated with the cost reduction measures.