Last checked at 14 Jul 2016 07:00
Trinity Exploration & Production Plc
(the "Company" or "Trinity"; AIM:TRIN)
Formal Sale Process and restructuring update
14 July 2016
Trinity, an independent E&P company focused on Trinidad and Tobago, today provides an update on its formal sale process ("FSP") pursuant to the City Code on Takeovers and Mergers in the light of its announcement yesterday in relation to its ongoing discussions with Citibank.
On 13 June, the Company announced that it was in detailed stage discussions with a number of interested parties in relation to the FSP; these discussions have continued to make further progress. The Board still believes that the opportunities available represent the best approach for Trinity and its stakeholders, but Trinity shareholders are advised that, whilst the Board is encouraged with progress made to date, there can be no certainty that any offer or other transaction will result from these discussions or as to the terms on which any offer or other transaction may be made. In addition, any financial solution will need to involve all stakeholders.
The Company will issue further announcements in the event that any further action is taken by Citibank or by the Company.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
Trinity Exploration & Production Plc Bruce Dingwall, Executive Chairman Tracy Mackenzie, Head of Corporate Development | Tel: +44 (0)131 240 3860 |
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SPARK Advisory Partners Limited NOMAD & Financial Adviser Mark Brady Miriam Greenwood, Sean Wyndham -Quin | Tel: +44 (0)203 368 3550 |
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Cantor Fitzgerald Europe Broker David Porter Sarah Wharry | Tel: +44 (0)207 894 7000 |
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About Trinity
Trinity is an independent E&P company focused solely on Trinidad and Tobago. Trinity operates producing and development assets both onshore and offshore, in the shallow water West and East Coasts of Trinidad. Trinity's portfolio includes current production, significant near-term production growth opportunities from low risk developments and multiple exploration prospects with the potential to deliver meaningful reserves/resources growth. The Company operates all of its licences and has 2P reserves of 21.8 mmbbls according to management estimates. Trinity is listed on the AIM market of the London Stock Exchange under the ticker TRIN.