Trinity Exploration Gets Another Extension To Debt Repayment

LONDON (Alliance News) - Trinity Exploration and Production PLC Monday said it has received a further extension for the repayment of its USD13 million loan from Citibank.

The company has been given numerous previous extensions, with the latest extension due to expire on September 11.

Citibank has provided the extensions whilst Trinity tries to monetise assets and re-position the business through a formal sales process. In April, the company launched a strategic review which could lead to the potential sale of the company, a merger, or the sale of the company's existing assets.

Last Thursday, the company said it was in talks with a number of potential suitors but warned there is no certainty any deal will take place, after Chief Executive Joel Pemberton said the company simply cannot afford to develop and capitalise independently on its portfolio, which is located in Trinidad and Tobago and in South Africa.

Trinity shares were down 5.1% to 3.80 pence per share on Monday morning.

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

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