Trinity Share News (TRIN)

LONDON (Alliance News) - Trinity Exploration & Production PLC on Tuesday said it has been given an extension from its lender Citibank for the repayment of its outstanding USD13.0 million loan.

This is no fewer than the tenth extension that the company has secured from its lender, which will run to November 20.

Citibank has granted extension after extension because Trinity is currently completing a strategic review which was launched back in April to try to monetise assets and re-position the business through a formal sales process.

Since then, Trinity has sold five licences in Trinidad to Touchstone Exploration Inc for USD20.8 million, the most substantial deal the company has struck since that review was launched.

Prior to that deal, Trinity had sold the producing Gaupo-1 block in Trinidad for USD2.8 million in cash, completed at the start of September.

The strategic review was launched after the fall in world oil prices meant the producer could not develop and capitalise on its portfolio independently.

On Tuesday, Trinity said it was in discussions with Citibank about securing a "longer extension", rather than constantly obtaining short-term extensions, and said it expects Citibank to continue supporting the company, encouraged by that USD20.8 million disposal back in October.

Trinity continues with its strategic review and said it remains in contact with its creditors.

As part of that ongoing review, Chief Operating Officer Craig McCallum was made redundant in October and will leave the company at the end of March 2016. He was followed by Chief Executive Joel Pemberton who resigned later that month as the review comes to a close, and will leave the company at the end of 2015.

Trinity shares were trading down 1.6% to 6.40 pence per share on Tuesday morning.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

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