Trinity Exploration & Production Directorate Change (3368D)
26 Octubre 2015 - 1:00AM
UK Regulatory
TIDMTRIN
RNS Number : 3368D
Trinity Exploration & Production
26 October 2015
Trinity Exploration & Production Plc
(the "Company" or "Trinity"; AIM: TRIN)
Organisational Changes
26(th) October 2015
Trinity today announces that Joel "Monty" Pemberton, Chief
Executive Officer ("CEO"), has tendered his resignation, effective
31(st) 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 & Tel: +44 (0)13
Production 1240 3860
Bruce Dingwall, Executive
Chairman
Tracy Mackenzie, Head
of Investor Relations
RBC Capital Markets Tel: +44 (0)
Nomad & Broker 20 7653 4000
Matthew Coakes
Daniel Conti
Oil & Gas Advisory Tel: +44 (0)
Jakub Brogowski 20 7653 4000
Roland Symonds
Brunswick Group LLP (PR Tel: +44 (0)
Adviser) 20 7404 5959
Patrick Handley
William Medvei
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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