Oil Basins Ltd. resigned Monday as operator of petroleum license EP 487 (Derby Block) in the Canning Basin, Western Australia (WA) in accordance with the order from the state's Supreme Court as Rey Resources Ltd.'s subsidiary Rey Lennard Shelf Pty Ltd. takes over the role.
While the company continues to hold a 50 percent stake in the Derby Block and retains its position with the Joint Venture operating committee, the reduced daily involvement has prompted Oil Basins board to implement immediate cost-cutting measures.
"The board has unanimously agreed to give Notice to Executive Directors, Kim McGrath (executive chairman) and Neil Doyle (executive director and CEO), with respect to their Executive Service Agreements (Agreements). In accordance with the Agreements, the Company has provided 6 months' written notice to each of the Executives," Oil Basins said in a press release.
McGrath and Doyle will serve out their notice period and then remain on the board as non-executive directors.
Rey Resources holds the other 50 percent interest in the Derby Block.
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