New JKX Oil & Gas Board Warns of Future Cost Cuts

The new board of JKX Oil & Gas has warned of future cost-cutting in order to deliver “significant” improvements to the value of the company, thirty days after being appointed.

JKX’s new CEO, Tom Reed, revealed in a company statement that JKX has identified a range of “opportunities” it intends to exploit, which are linked to capital investment, cost savings and production gains:

“In the past month, the team and I have visited all the main assets of the group. We have identified significant scope for improvement in capital investments and we found areas to realize both cost savings and production gains through the application of best in class technology and more hands-on execution throughout the portfolio. As we execute on these opportunities, we expect to deliver significant improvements to the value of JKX.”

At a general meeting held on January 28, an “overwhelming” majority of the company’s shareholders voted to replace the previous board of directors with a new board, which promised a greater level of transparency and engagement with stakeholders. 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Japan's NYK Completes Acquisition of 2... (Sep 30)
 -  Keppel FELS Delivers Floatel Triumph, ... (Sep 30)
 -  Falcon Updates on Drilling Ops at Amun... (Sep 30)
 -  MISC's MaMPU1 to Commence Ops at Vesti... (Sep 30)
 -  Det Norske Completes Merger with BP No... (Sep 30)


Most Popular Articles

From the Career Center
Jobs that may interest you
Financial Analyst II
Expertise: Accounting|Financial Analyst
Location: Houston, TX
 
Senior Accountant / Financial Analyst Job
Expertise: Accounting|Financial Analyst
Location: Denver, CO
 
Manager- Retail Power Settlements & Accounting
Expertise: Accounting|Budget / Cost Control|Gas Plant Operations
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $49.24/BBL 1.12%
Light Crude Oil : $47.83/BBL 1.65%
Natural Gas : $2.959/MMBtu 0.23%
Updated in last 24 hours