- Oil and gas explorer Bahamas Petroleum announced Monday 'significant' changes to its CEO's compensation package to reduce cash costs to shareholders.

The permanent changes to the CEO's contract included: a significant reduction in basic salary to 0.375m a month, write off accrued cash payments totalling $1m and the termination of accrual of conditional share entitlements.

'We consider the changes outlined to the CEO's contractual arrangements to be in the best interests of shareholders, by removing future cash obligations whilst maintaining the incentivisation of our CEO at this important and exciting time for the Company. Importantly, alignment between management and shareholders has been maintained,' said Bill Schrader, Non-Executive Chairman of Bahamas Petroleum.

At 8:51am: [LON:BPC] Bahamas Petroleum Company PLC share price was -0.1p at 5.4p

Story provided by