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Trap Oil Group plc (TRAP)

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Tuesday 04 November, 2014

Trap Oil Group plc

Corporate Update

RNS Number : 0859W
Trap Oil Group plc
04 November 2014
 

 

 

Trap Oil Group Plc

("Trapoil" or the "Company")

 

Directorate Changes and Corporate Update

Trapoil (AIM: TRAP), the independent oil and gas exploration, appraisal and production company focused on the UK Continental Shelf ("UKCS") region of the North Sea, announces certain board changes together with a corporate update.

 

Directorate Changes

Further to the Company's announcement of 12 August 2014 and having now completed the planned transition period, Mark Groves Gidney, Chief Executive Officer, and Paul Collins, Chief Operating Officer, stepped down from the Board of the Company with effect from 31 October 2014.

 

Overhead Reduction

In the Company's corporate update announcement of 12 August 2014, it was anticipated that reductions in general overhead and administrative expenses of approximately £1m on an annualised basis were achievable. As a result of agreed headcount reductions, being phased in from now until 31 December 2014, and certain other identified overhead reductions, the group will have reduced its overhead costs to an estimated run rate of under £1.5m per annum from 1 January 2015.

 

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. The Company will provide further updates as and when appropriate.

 

Disposal of IGas shares

 

The Company also announces that it has sold its remaining ordinary shares in IGas Energy PLC (the "IGas Shares") for a total consideration of £1.86 million, equivalent to 82 pence per Igas Share.

 

Following the disposal of the IGas Shares, Trapoil has, as of 31 October 2014, £18.2 million of unrestricted cash.

 

Enquiries:

Trap Oil Group plc

 

Scott Richardson Brown, Finance Director

 

Tel:  020 3170 5586

www.trapoil.com

 

Strand Hanson Limited

James Harris

Matthew Chandler

James Spinney

 

Tel:  020 7409 3494

FirstEnergy Capital LLP

Hugh Sanderson

David van Erp

 

Tel:  020 7448 0200

 

Mirabaud Securities LLP

Peter Krens

Tel:  020 7321 2508

 

Cardew Group

Shan Shan Willenbrock

Lauren Foster

 

Tel:  020 7930 0777

[email protected]

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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