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.
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