A North Sea oil and gas company has announced a boardroom clear-out as it seeks to cut costs.

London-based Trapoil said its Chairman Simon Bragg has resigned with immediate effect.

The company’s CEO Mark Groves Gidney and Chief Operating Officer Paul Collins have also agreed to step down from the Board after an “orderly transition period” which is expected to last about two months.

Mr 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.”

The move is expected to help Trapoil save around £1 million a year in general and administrative expenses.