Trinity Exploration & Pr... Share Discussion Threads

[wskill] 26/10/2015 10:14

All shareholders will be relieved he has gone I would not stop there but we have a chance to recover now,why is it taking so long to reduce costs what is wrong with this management get on with it.

[mark10101] 26/10/2015 10:09

Dav it is quite an impressive legacy so bad I have feared for a long while it was all part of the plan to sell off the assets cheap. With the hand TRIN had in Autumn 2014 quite a spectacular destruction of share holder value, and some shorters pop up today and say it is a bad thing!

[mark10101] 26/10/2015 10:03

Mdw1 yes it looks that way to me, I am thinking 24p sounded right and as you say this is just housekeeping. Not a great price for the long term holders like me but great for whoever gets TRIN.

[mdw1] 26/10/2015 09:53

Trinity is being lined up for a bid I'm convinced of it; sorted the onshore business and now the CEO falls on his sword; all housekeeping before a deal gets done... All IMHO.

[davr0s] 26/10/2015 09:42

I did chuckle at the RNS talk of legacy - the ceo has overseen a 98% drop in the value of my holding here in 3 years - even with recent rise. So I shan't be investing in wherever he turns up next purely on that fact....

[letmepass] 26/10/2015 09:08

Not good director stepping down, what else is going on and who is in charge

[jungmana] 26/10/2015 08:58

Time for one last top up. Cheap at 9p :-)

[kaos3] 26/10/2015 08:04

I gather there are 3 news:
-departure
- lawyer running the show - hinting that there is more to come
- cost cutting (why mention it in a departure RNS - could be the reason)

[mark10101] 26/10/2015 07:55

Markets don't like director departures when all appears well or there is the first signs of trouble, at this stage in the game I only view it as a good move. Cost cutting and also recompense for the disaster he has presided over. Hopefully things are turning a corner for TRIN and this is needed.

[mdw1] 26/10/2015 07:39

More likely it was a stipulation on the part of their lender re securing new finance.

[alexp6] 26/10/2015 07:38

Market wasn't overly happy with his decision making either since spring last year

[12bn] 26/10/2015 07:34

Market won't like the CEO resigning,it looks like 'does he know something bad that we don't know?'

[mdw1] 26/10/2015 07:32

Is his departure a precursor to a bid I wonder..... ?

[12bn] 26/10/2015 07:30

26 October 2015

Trinity Exploration & Production Plc

(the "Company" or "Trinity"; AIM: TRIN)

Organisational Changes

26(th) October 2015

Trinity today announces that Joel "Monty" Pemberton, Chief Executive Officer ("CEO"), has tendered his resignation, effective 31(st) 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."

Enquiries:

[alexp6] 26/10/2015 07:18

Will be interesting to see how the markets react to the news.

[jungmana] 26/10/2015 07:17

G&A costs and operational costs have been reduced significantly over last few months and will continue . Trin is heading in right direction.Bring on 25p by new year :-)

[alexp6] 26/10/2015 07:09

Position was becoming untenable given the downturn in the companies fortunes. Bruce Dingwall taken the reins back from his "protégé", has a good track record and a hefty investment to protect in trin.

[alexp6] 26/10/2015 07:05

CEO resigns - That is one way to cut costs!

[jungmana] 24/10/2015 15:43

If we dont need any worker they will be laid off. Cost cutting been going on for last 6 months and continues into early next year.

[jungmana] 24/10/2015 14:04

Poor journalism imo. I cant see them keeping the employees. For what reason? Touchstone will need them to run the onshore operations .Probably the reporter meant to say the sale to touchstone saves employees jobs.

[wskill] 24/10/2015 13:27

I do hope they are not keeping the employees this is how we are this state today just as it seemed I may recover some of my losses.
Why would they keep them with only 1300 bopd now it would cripple TRIN no do not see this happening.