Sector News

Trap Oil cuts jobs and sells IGas Energy stake

November 4, 2014
News
(ShareCast) – North Sea oil & gas group Trap Oil announced a management shake-up, cost cuts from job losses and the £1.86m sale of the rest of its stake in IGas Energy. Trap, which is focused on the UK Continental Shelf, said chief executive Mark Groves Gidney and chief operating officer Paul Collins quit at the end of last month as part of a cost-cutting drive. It said in August that non-executive director Marcus Stanton would take over as non-executive chairman to oversee the transition.
 
It said job cuts between now and the end of December, plus other overhead reductions would result in overhead costs falling to less than £1.5m a year from 1 January.
 
The group said it was seeking more cuts to maximise returns from assets and would update the market in due course.
 
Trap also said it had sold the rest of its ordinary shares in IGas Energy for £1.86m, equal to 82p per Igas share.
 
“Following the disposal of the IGas shares, Trapoil has, as of 31 October 2014, £18.2m of unrestricted cash,” it said in an update.
 
Shares rose 0.75p or 23.1% to 4p at 14:03 in London.

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Food & Drink

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

Send this to a friend