Australia: MEO’s senior staff agrees to reduced paycheck

Australian oil and gas company MEO Australia has said its senior staff members have voluntarily agreed to a 20% reduction in the cash component of their annual remuneration package in exchange for Exercisable Performance Rights.

On an annualised basis the revised arrangements result in a reduction in cash cost to MEO of approximately $200,000.

MEO said the arrangement was consistent with its strategy to continually assess and reduce costs to preserve its cash position while retaining the ability to undertake exploration and study programs on its projects.

MEO Managing Director & CEO Peter Stickland commented: “Our Senior Staff have shown tremendous commitment to MEO over the past few years. During this period our staff have agreed to reduced conditions and working part-time to support MEO.

“The agreement announced today not only saves MEO circa $200,000 per annum in cash salary costs, the offsetting Exercisable Performance Rights builds an even stronger alignment between staff and shareholders and is a strong demonstration our senior staff’s belief in the future success of MEO.”