April 27 (Reuters) - Armour Energy Ltd AJQ.AX :
* 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
* BRUCE CLEMENT'S TENURE AS CEO TO COME TO AN END
* ALL HEAD OFFICE STAFF REDUCING REMUNERATION BY 20%
* 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