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27 Jul 2016 07:00
Embargoed: 07.00a.m., 27 July 2016
Trinity Exploration & Production Plc
(the "Company" or "Trinity"; AIM:TRIN)
Loan update
Trinity, an independent E&P company focused on Trinidad and Tobago, today announces that the Company has agreed a new moratorium on principal repayments, relating to Trinity's outstanding debt with its senior secured lender, Citibank, until 15 August 2016. In addition, it has been agreed that the restricted access which Citibank had put on Trinity's Citibank accounts will be removed. As previously announced, the Company continues to pursue a wider financial restructuring solution.
At the request of the Company, Trinity's ordinary shares have been suspended from trading on AIM since 07.30 a.m. on 13 July 2016 pending clarification of its financial position. Whilst Citibank has agreed to a new moratorium, this new moratorium contains a number of conditions which the Company is expected to satisfy on an ongoing basis; failure to comply may, automatically, bring the moratorium to an end which would require all monies owed by the Company to Citibank to become immediately due and payable. In this context, and in view of the wider restructuring discussions which would remove the uncertainty around the Company's financial position, the Company has requested that trading in its shares remain suspended until a wider restructuring solution can be agreed.
The Company will issue further announcements as appropriate.
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.
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