Joel “Monty” Pemberton, CEO of Trinity Exploration & Production plc, has tendered his resignation, effective Dec. 31.
This follows the pending divestment of the company’s onshore assets. Trinity says it remains focused on maximizing returns for the benefit of all stakeholders. The company’s forward efforts continue to be focused 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 manager of legal and corporate services, will take on the role of country manager, both effective immediately. Maharaj joined Trinity in February 2012 and brought with her legal experience and knowledge. As an attorney, she has more than 18 years of experience in the public and private sectors.
The company, as part of its strategic review, continues to make progress in re-basing its cost structure by reducing its general and administrative (G&A) costs, along with its operating expenditures, to reduce breakeven levels. Several initiatives have been made and are under way, with further significant cash cost reductions expected to be fully realized during 2016. G&A costs have already been reduced to US$5.7 million for the first half of 2015 vs. US$10.4 million for the first half of 2014.
Trinity is the largest Trinidad & Tobago-focused independent exploration and production company, with assets onshore and offshore on both the west and east coasts.