Ann: Management Changes, page-11

I suspect/hope that Phil's promotion (title change/promotion and addition of strategy) portends Will Amstrong (Exploration and New Ventures) leaving too..

I suspect that Sergio would have received a redundancy, and Will will get one next quarter (assuming that he leaves).
Timing may be more about (timing of reported) cashflows.

It would also make sense to close the Houston Office, and relocate to Perth given that Julie and Phil are both originally from Perth.
Work from home with perhaps a small office space and rent-for-the-occasion office space when needed would result in additional savings.

This is what they should do if they are serious about saving $'s.

Hopefully something along these lines eventuates based on feedback from JiggyJigs