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Max Petroleum is saving US$4mln a year from cutbacks

Published: 19:46 19 May 2014 AEST

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Max Petroleum (LON:MXP) says its cost cutting programme is saving the company around US$4mln.

General and administrative costs have been reduced by almost a third, it revealed.

Cutbacks have included the closure of the company’s office in Houston, a downsizing of the London office and a reduction in the management and admin headcount across the whole business.

Max said it is setting aside US$3.8mln, from the last financial year, for severance and ‘transitional’ expenses relating to the cutbacks.

Michael Young is leaving his roles - director, president and chief financial officer (CFO) – at the company and the firm’s chief accounting officer Kevin Clark will become the new CFO. Robert Holland, the current executive co-chairman, will be appointed as the company’s new chief executive.

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