MARK Groves Gidney earned total emoluments of £385,238 in 2014 from North Sea-focused Trap Oil, which has warned it will go bust unless it can raise further funding fast, writes Mark Williamson.
Mr Groves Gidney earned £145,833 salary and £83,067 pension contributions. He received a £156,338 redundancy payment after resigning from the board on 31 October with chief operating officer Paul Collins, under a plan to cut operating costs by £1 million a year. Mr Collins earned £357,297 total emoluments in 2014, including a £125,000 redundancy payment. Both men agreed to provide free of charge consultation services going forward for a further year after resigning.
Mr Groves Gidney earned remuneration totalling £338,324 in 2013 when Mr Collins earned £324,620.
Trapoil fell £44m into the red last year. The Athena oil field became significantly loss-making following the fall in the crude price and production issues.
In its annual financial statements published yesterday Trapoil said: "The group has insufficient financial resources to continue in operation other than in the short term in the absence of additional funding."
Trapoil acquired significant North Sea interests with the £30m purchase of Banchory-based Reach Oil & Gas in 2011. It raised £60m when it listed on the AIM market that year, then spent £34.5m buying a stake in the Athena oil field.
In the financial statements, Trapoil's chairman Marcus Stanton said the accounts were prepared on a going concern basis as there is a reasonable prospect the planned Niobe exploration well may be successful and that the company may sell assets. He said directors are holding conversations to seek additional shareholder support to secure further funding.
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