Trinity CEO Resigns

Trinity Exploration & Production plc announced Monday that its chief executive officer, Joel ‘Monty’ Pemberton, will resign from the company on December 31, 2015.

As a result of the impending organizational change, Bruce Dingwall will take the role of executive chairman and Nirmala Maharaj, currently legal and corporate services manager, will become country manager, both effective immediately. The development follows the pending divestment of Trinity’s interests in the WD-2, WD-5/6, WD-13, WD-14 and FZ-2 licenses, located onshore Trinidad, to Touchstone Exploration Inc, for $20.8 million.

Trinity’s Bruce Dingwall commented in a company statement:

“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.”

As part of its strategic review, Trinity stated that it will continue to reduce its general and administrative costs and its operating expenditures to reduce breakeven levels. Further “significant cash cost reductions” are expected during 2016, according to the company. Trinity announced in September that it will axe its chief operating officer on March 31, 2016 as part of a redundancy program, which is designed to save the company money.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)
 -  Irish Gas Grid Could Receive LNG from ... (Jul 19)
 -  What's It Take to Land a Job as a Petr... (Jul 14)
 -  Linde to Build New PP Line at Braskem ... (Jul 11)


Most Popular Articles

From the Career Center
Jobs that may interest you
Executive Assistant
Expertise: Executive
Location: Houston, TX
 
On-site Construction Coordinator
Expertise: Client Representative|Laborer|Secretarial or Administrative
Location: Pecos, TX
 
Operations Specialist - DJ Operations
Expertise: Operations Management
Location: Platteville, CO
 
search for more jobs

Brent Crude Oil : $49.3/BBL 0.80%
Light Crude Oil : $46.79/BBL 0.70%
Natural Gas : $3.04/MMBtu 0.97%
Updated in last 24 hours