Trinity Exploration Gets Further Debt Repayment Extension

LONDON (Alliance News) - Trinity Exploration and Production PLC Wednesday said it has secured a further debt repayment extension from its principal creditor.

Trinity said the new extension for the repayment of its outstanding USD13.0 million debt balance runs until July 15, which has been provided by Citibank. The company has been given numerous extensions, the last of which expired on Tuesday.

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.

"Since the formal sales process started the board has been engaging with a number of interested parties to progress a number of options to maximise and ensure long-term value. Progress to date has underlined management's confidence in the value of the assets. In tandem to working towards a possible solution, Trinity continues to manage its liquidity position with its creditors," said Trinity Monday.

Trinity shares were down 5.9% to 12.00 pence per share on Wednesday morning.

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

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