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Trap Oil Group

  • BY: Andrew Hore |
  • POSTED: 12/08/2014 |

North Sea oil and gas explorer and producer Trap Oil Group is concentrating on its existing assets and reducing costs.

Simon Bragg is resigning as chairman and Mark Groves Gidney and Paul Collins are stepping down as chief executive and chief operating officer respectively. Those two earned more than £660,000 between them in 2013. Non-executive director Marcus Stanton becomes chairman.

Pay cuts had already been announced and there will be further redundancies. There should be a £1m a year reduction in costs. Trap is not taking up its option to take part in the Alfa well being drilled by Total.  Trap retains a major interest in the nearby Romeo discovery.

At 8p a share, Trap is valued at £18.2m. Trap raised £60m at 43p a share when it joined AIM on 17 March 2011. There was £16.4m left at the end of 2013. Trap swapped some of its assets in return for shares in IGas Energy, which were worth £4.4m at the end of 2013 but their value has fallen since then.

Trap entered into a three year facility with GE Energy at the beginning of 2013 and this has been cancelled at a cost of $300,000, although it will save $880,000.

Peter Gyllenhammar has been building a stake in Trap and he reached 16% in July. Adam Pelled and his company Alpha Papa own just over 3%.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFAugust2014_59.pdf

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