Trinity Exploration’s (LON:TRIN) chief executive Joel "Monty" Pemberton has resigned from the Trinidad-focused oil group following the sale off its onshore assets.
Bruce Dingwall is to take over as executive chairman with Nirmala Maharaj, currently legal and corporate services manager, to become country manager.
Trinity added it has also cut its cost base back further, with overheads down to US$5.7mln in its latest six months compared to US$10.4mln a year earlier.
Bruce Dingwall said Pemberton had left behind 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.
Trinity announced last week it had agreed to sell its onshore portfolio to Canadian group Touchstone Exploration (TSE:TXP) for US$20.8mln. The disposal will enable Trinity to repay in full its senior secured debt facility.