The independent oil and gas explorer Trapoil has confirmed its chief executive officer and chief operating officer have formally stepped down from their posts.
As previously reported on Energy Voice, Mark Grove Gidney announced he was to step down from his position as part of plans to save the struggling North Sea explorer £1million a year.
His resignation was joined by the departure of Paul Collins, chief operating officer, at the end of October.
The company said a reduction in headcount and other overheads will have reduced its costs to an estimated run of £1.5million per year from 2015.
In a statement Trapoil said: “The company continues to seek to make further overhead reductions and Martin David, currently managing director of Trap Oil Limited, Trapoil’s main North Sea operating company will continue to work with the Board of Directors on how best to maximise returns from the Company’s existing assets. “
Trapoil has also sold its remaining ordinary shares in IGas Energy for £1.86million, equivalent to 82 pence per IGas share.
Following the disposal of IGas share, the company has £18.2million of unrestricted cash.
The bosses had taken a 20% pay cut in April in a bid to curb costs after posting a £10million loss for the year.
The firm, which is one of the partners in the Athena field, took a £9.4million hit from the sale of its interests in the Knockinnon and Lybster fields – among others – to Caithness.
Increased cash flow and revenue from the Athena field helped the company to almost £7million in the bank, with management taking a pay cut and staff numbers reduced as the company fought to remain in the black.
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