NORTH Sea driller Trap Oil today revealed the departure of its top management team as the firm seeks to cut its annual running costs by £1 million.
The company said chairman Simon Bragg had resigned with immediate effect, while chief
executive Mark Groves Gidney and chief operating officer Paul Collins will be leaving shortly.
Groves Gidney said: “It is sad for myself and Paul Collins to be leaving the company which we both started seven years ago.
“However, it has been a struggle for small-cap explorers in the North Sea and in the circumstances we both feel that the proposed strategy is in the best interest of shareholders.”
Non-executive director Marcus Stanton will assume the position of chairman to oversee the changes as Trap tries to “reduce operating costs to the minimum”.
The firm also said it had cancelled a three-year finance facility in a move expected to save about £525,000. Shares closed down 0.25p at 8p.