Last checked at 4 Jan 2016 07:00
Trinity Exploration & Production Plc
(the "Company" or "Trinity"; AIM: TRIN)
Management Update
4th January 2016
Trinity, an independent E&P company focused on Trinidad and Tobago, today announces that Bryan Ramsumair has stepped down as Chief Financial Officer ("CFO") effective 31st December. The Board wishes to thank Bryan for his contribution to date and wishes him well in his future endeavours.
Jeremy Bridglalsingh, aged 36, has assumed the role of CFO having previously held the roles of Financial Controller and Corporate Development Manager during his last four years with Trinity. Jeremy is a Chartered Management Accountant and a member of the Chartered Institute of Management Accountants (CIMA). Prior to joining Trinity in January 2012 he worked for PricewaterhouseCoopers. The role of CFO is not currently a Board position.
The Company, as part of its strategic review, has continued 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. Jeremy has been an integral part of this process and in leading discussions with suppliers and creditors. Several initiatives have been made and are underway with further significant cash cost reductions expected to be fully realised during 2016.
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 |
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.