LONDON (Alliance News) - LGO Energy PLC on Friday disputed allegations made by Trinity Exploration & Production PLC in its second quarter update earlier this week, saying it has notified Trinity that it has breached the sale and purchase agreement the pair signed in 2014 on the Tabaquite Block in Trinidad.
In its second quarter update, published on Thursday, Trinity said the Tabaquite Block is currently classed at "held for sale" on its books, with no proceeds having yet been received from LGO. The pair signed a deal in November 2014 for LGO to acquire Tabaquite Exploration & Production Co Ltd from Trinity for USD2.0 million. Tabaquite Exploration is set to receive a licence for the Tabaquite Block, the most northerly onshore producing block in the area.
Trinity said LGO is in breach of the agreement and it is considering all options, including "legal remedies".
LGO on Friday, however, said it has previously put Trinity on notice that it is in breach of the agreement and is reserving the right to take "any action it deems necessary" to protect itself and its shareholders' interests.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Trinity (TRIN)