Chariot Oil & Gas Limited Reduces Personnel, Payroll

Atlantic margin-focused energy firm Chariot Oil & Gas Limited will reduce its personnel and payroll as part of its ongoing focus on capital discipline in light of the “continuously challenging business environment”, according to a company statement.

Due to the restructuring of the company, the size and cost of the board will reduce, with Technical Executive Director Matthew Taylor, Non-Executive Director David Bodecott and Non-Executive Director Bill Trojan stepping down. Payroll in the head office will be cut by approximately one third.

These changes, along with other general and administrative initiatives, are expected to realize net cash savings of approximately $1.5 million per year. Chariot continues to be fully funded for all of its current work commitments. The decision to reduce its costs was taken “as a precautionary measure,” according to a company statement.

“This board decision to reduce the overall cost base of the company is directly linked to our continued focus on capital discipline while ensuring that we maintain the capacity to execute the business plan,” said Chariot Oil & Gas Chairman George Canjar in a company release.

“The company has been able to position itself within the current environment through focusing on protecting cash, protecting the portfolio, partnering and capitalizing on market conditions. These reductions create greater financial flexibility in this lower for longer oil price environment,” added Chariot’s CEO Larry Bottomley. 

Have a news tip? Share it with Rigzone!


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

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  What Kind of Salary Can You Get as an ... (Aug 18)
 -  Shell Divests Stake in Saudi JV (Aug 16)
 -  Saipem to Build Pipelines for Kuwait R... (Aug 16)
 -  The Trick to Nailing Your Electrical E... (Aug 10)
 -  Jacobs Expands MSA for Chevron's US Re... (Aug 9)

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Accountant
Expertise: Accounting|Financial Analyst
Location: Houston, TX
US, Houston, TX: Principal Administrative Specialist
Expertise: Secretarial or Administrative
Location: Houston, TX
Staff Accountant
Expertise: Accounting
Location: Alpharetta, GA
search for more jobs

Brent Crude Oil : $52.72/BBL 3.31%
Light Crude Oil : $48.51/BBL 3.01%
Natural Gas : $2.89/MMBtu 1.36%
Updated in last 24 hours