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.”