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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