Trinity Exploration & Production plc, an independent E&P company focused on Trinidad and Tobago, is undergoing organizational changes as its Chief Executive Officer (CEO), Joel “Monty” Pemberton, has tendered his resignation effective December 31, 2015.
According to the company, this follows the pending divestment of substantially all of its onshore assets. Trinity adds its forward efforts continue to be focused on its core offshore portfolio and the TGAL oil development, located off the south-east coast of Trinidad.
To remind, Trinity launched a strategic review of options in April 2015 in order to maximise value for shareholders. This move was followed by the agreement in October to sell the onshore assets for $20.8 million to Touchstone Exploration Inc.
Pemberton began his career at Trinity in 2005, when he joined Ten Degrees North Energy Limited as Chief Financial Officer. He became CEO in 2009. Under his leadership, Trinity became the first Trinidad & Tobago company to list on the London Stock Exchange (AIM).
The company further said its Non-Executive Chairman Bruce Dingwall would take the role as Executive Chairman, with Nirmala Maharaj, currently Legal and Corporate Services Manager, taking the role of Country Manager, both effective immediately.
Nirmala Maharaj joined Trinity in February 2012.
Trinity also said on Monday that, as a part of its ongoing strategic review, it 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, which included letting its Chief Operating Officer go in September. Several initiatives have been made and are underway with further significant cash cost reductions expected to be fully realised during 2016, the company added. Trinity said that G&A costs have already been reduced to $5.7 million for H1 2015 versus $10.4 million for H1 2014.
Bruce Dingwall, Executive Chairman of Trinity, said:
“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.”