Raisama Energy disclosed Wednesday that it has reduced the salaries of two of its executive directors, Jeff Steketee and Jim Durrant, to save on overhead costs.
In a statement released, the company noted that both of the directors will draw $231,030 (AUD 225,000) per annum; their salaries will be increased to $256,700 (AUD 250,000) per annum upon settlement of a dispute with Blade Petroleum. Steketee was earning $325,000 (AUD 333,710) per annum, while Durrant was drawing a yearly salary of $308,040 (AUD 300,000).
Blade started court proceedings against Raisama last year, the former was seeking to terminate a farm-in agreement pertaining to the Cadlao oil project located in the Philippines inked in 2010, according to a statement from Raisama.
The statement also revealed that both of the directors will be required to give six months' notice period for their rolling employment term of one year. Under their previous contracts, the directors had to present 18 months' notice.
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