Last checked at 26 Oct 2015 07:00
Trinity Exploration & Production Plc
(the "Company" or "Trinity"; AIM: TRIN)
Organisational Changes
26th October 2015
Trinity today announces that Joel "Monty" Pemberton, Chief Executive Officer ("CEO"), has tendered his resignation, effective 31st December 2015, and that it has been accepted by the Board of Directors. This follows the pending divestment of substantially all of the Company's Onshore assets. Trinity retains a diverse team with significant operational experience and knowledge of the Company's assets and the industry, and the Company remains focused on maximising returns for the benefit of all stakeholders. The Company's forward efforts continue to be focussed on its core offshore portfolio and the TGAL oil development.
With the forward focus on the company's core offshore portfolio, Bruce Dingwall will take the role as Executive Chairman, with Nirmala Maharaj, currently Legal and Corporate Services Manager, taking on the role of Country Manager, both effective immediately. Nirmala Maharaj joined Trinity in February 2012 and brought with her a wealth of legal experience and knowledge. She has more than eighteen years' experience in the public and private sectors and has made a name for herself as a respected attorney-at-law.
The Company, as part of its strategic review, continues to make progress in re-basing its cost structure by reducing its general and administrative costs ("G&A") and its operating expenditures ("OPEX") to reduce breakeven levels. Several initiatives have been made and are underway with further significant cash cost reductions expected to be fully realised during 2016. G&A costs have already been reduced to US$5.7 million for H1 2015 versus US$10.4 million for H1 2014.
Bruce Dingwall, Executive Chairman of Trinity, commented:
"On behalf of the Board, I would like to thank Monty for his hard work and commitment to Trinity over the years. The legacy he leaves behind is a Company run by a group of outstanding professionals across all aspects of an operating upstream business both in the office and in the field, coupled to a material offshore production and development asset base. He leaves with our best wishes for the future."
Enquiries:
Trinity Exploration & Production Bruce Dingwall, Executive Chairman Tracy Mackenzie, Head of Investor Relations
| Tel: +44 (0)13 1240 3860
|
RBC Capital Markets Nomad & Broker Matthew Coakes Daniel Conti
| Tel: +44 (0) 20 7653 4000
|
Oil & Gas Advisory Jakub Brogowski Roland Symonds
| Tel: +44 (0) 20 7653 4000 |
Brunswick Group LLP (PR Adviser) Patrick Handley William Medvei
| Tel: +44 (0) 20 7404 5959
|
Notes to Editors
About Trinity
Trinity is one of the largest independent E&P company focused on Trinidad and Tobago. Trinity currently operates assets onshore and offshore on both the West and East coasts. Trinity's portfolio includes current production, significant near-term production growth opportunities from low risk developments and multiple exploration prospects. The Company operates all of its licences. Trinity is listed on the AIM market of the London Stock Exchange under the ticker TRIN.LN.