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Decisive Action on The Way Following Internal Audit Report Delivered to Petrotrin’s Board

Decisive Action on The Way Following Internal Audit Report Delivered to Petrotrin’s Board

The Board of Petrotrin says it will take decisive action following independent confirmation of the discrepancy between reported oil production in its Exploration and Production Operations and the actual production receipts at Pointe-a-Pierre discovered by the Company’s Internal Audit Department earlier this year.

It says the Company’s initial findings were confirmed in a report submitted by external consultants Kroll Consulting Canada Co., following the completion of the forensic audit commissioned by the Company’s Board into the reported discrepancies.

Petrotrin notes than an additional report, commissioned from global oil and gas consultants Gaffney Cline last week, also found that the reservoir was not capable of producing the volumes in question.

A media release this afternoon said in addition to auditing the period January to July 2017, the Board has since commissioned Petrotrin’s Internal Audit Department to widen the scope of its investigation into matters dating back to 2016.

The release pointed out that following the Board’s receipt and review of the Kroll and Gaffney Cline reports, Petrotrin’s Chairman Wilfred Espinet has confirmed that the Company would now be moving to take the appropriate actions internally and to bring the matter to the attention of the relevant authorities.

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