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.
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