BRIEF-Questerre management cuts wages by 20 pct, receives options instead

Mon Nov 23, 2015 2:20am EST
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OSLO Nov 23 (Reuters) - Questerre : * As reported in its third quarter 2015 report, Questerre has implemented further overhead reductions to maintain its financial flexibility in the current commodity price environment. * Effective November 1, 2015, the Board of Directors has implemented a 20% reduction in the number of working days from five to four per week. * As a result, annual salaries for officers and employees have been reduced by 20%. * This is in addition to the 10% reduction implemented in the first quarter of 2015. * Additionally, the Board of Directors has reduced their fees by 10%. * In connection with these additional cost-cutting measures, on November 20, 2015, the Company has granted to directors, officers and employees a total of 2,612,250 options to acquire common shares at a price of $0.235 per common share.

(Reporting By Ole Petter Skonnord)