News: AJQ Armour Energy Is Taking Steps To Reduce Corporate Costs By A Minimum Of 35%

April 27 (Reuters) - Armour Energy Ltd (AJQ) :

• TAKING STEPS TO REDUCE CORPORATE COSTS BY A MINIMUM OF 35%
• AIMING TO REDUCE OPERATING EXPENDITURE AT ITS KINCORA GAS PROJECT BY ABOUT 20%
• WILL ALSO REDUCE, & WHERE POSSIBLE, DEFER PLANNED EXPLORATION & CAPITAL EXPENDITURES FOR 2020
• BRUCE CLEMENT'S TENURE AS CEO TO COME TO AN END
• ALL HEAD OFFICE STAFF REDUCING REMUNERATION BY 20%
• WILL INCLUDE A NUMBER OF REDUNDANCIES
• EXECUTIVE CHAIRMAN AND NON‐EXECUTIVE DIRECTORS WILL REDUCE THEIR FEES BY 20%
• FUTURE CONSIDERATION WILL BE GIVEN TO PARTIAL PAYMENT OF DIRECTOR FEES IN SHARES
• WILL SEEK TO REDUCE ALL OTHER OVERHEADS INCLUDING CONTRACTOR HOURS AND RATES, ADMINISTRATION COSTS AND OFFICE RENT