April 27, 2020 / 12:15 AM / a month ago

BRIEF-Armour Energy Is Taking Steps To Reduce Corporate Costs By A Minimum Of 35%

April 27 (Reuters) - Armour Energy Ltd:

* 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

* 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 Source text for Eikon: Further company coverage:

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