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BRIEF-Eco (Atlantic) Oil & Gas Says Termination Of Non-Core Services & Cessation Of Business Related Travel

Published 2020-04-01, 07:24 a/m
© Reuters.
EOG
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April 1 (Reuters) - Eco Atlantic Oil & Gas Ltd EOG.V :

* MARKET UPDATE

* UNDERTAKEN COST CUTTING PROGRAMME ACROSS ALL ASPECTS OF BUSINESS, ASIDE FROM NECESSARY MAINTENANCE OF CERTAIN OPERATIONS

* COST CUTTING INCLUDES TERMINATION OF NON-CORE SERVICES AND CESSATION OF BUSINESS RELATED TRAVEL

* CONTINUES TO MONITOR ITS OPERATING BUDGET FOR 2020 AND TO WORK CLOSELY WITH ITS PARTNERS TO DISCUSS AND PLAN NEXT STEPS.

* BOARD AND MANAGEMENT ARE VOLUNTARILY TAKING PAY CUTS OF UP TO 40% STARTING IN APRIL 2020

* ONLY MINIMAL COSTS ARE EXPECTED TO BE INCURRED OVER REMAINDER OF YEAR

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