UK independent Trapoil announced Tuesday that two of its co-founders have officially left their posts as part of a cost cutting plan.
Trapoil CEO Mark Groves Gidney and COO Paul Collins officially stepped down from the company’s board on October 31.
The two officers resigned on August 12 but stayed on to complete a planned transition period.
Marcus Stanton, a non-executive director of the company, assumed the position of non-executive chairman to oversee the transition process with immediate effect.
The company has not announced permanent replacements for either Gidney or Collins.
“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,” Gidney said.
In April Trapoil announced that it would undertake staff level reductions and institute management pay cuts in an effort to fight rising costs.
A number of senior personnel left the company, including Gidney and Collins, when the board decided to take “immediate short term measures to significantly reduce the cost base of the business.”
The company now projects the staffing changes will reduce general and administrative expenses by about $2.4 million annually, slightly above its initial estimate of about $1.6 million annually.
The staffing reductions are being phased in from November to December 31.
Trapoil is an independent oil and gas exploration, appraisal and production company focused on the UK Continental Shelf region of the North Sea.