Last checked at 17 Aug 2016 08:00
Trinity Exploration & Production Plc
(the "Company" or "Trinity"; AIM:TRIN)
Statement Regarding Subsidiaries' Proposal to Creditors
17 August 2016
Trinity, an independent E&P company focused on Trinidad and Tobago, today announces that its Trinidad and Tobago incorporated wholly-owned subsidiaries Trinity Exploration and Production (Trinidad and Tobago) Limited, Galeota Oilfield Services Limited, Trinity Exploration and Production (Galeota) Limited, Tabaquite Exploration & Production Company Limited, Trinity Exploration and Production (GOP) Limited, Trinity Exploration and Production (GOP-1B) Limited, Oilbelt Services Limited, Trinity Exploration and Production Services Limited and Ligo Ven Resources Limited (together the "Subsidiaries") have filed notices of intention ("NOIs") to make a proposal to creditors under the Trinidad and Tobago Bankruptcy and Insolvency Act Chapter 9:70 ("BIA").
The BIA allows a company to continue operating while it submits its proposal to reach a settlement with its outstanding creditors. The filing of the NOIs provides the Subsidiaries with a stay of proceedings from all of their creditors and means that no person may terminate or amend an agreement or claim an accelerated payment under any agreement with any Subsidiary by reason only that such Subsidiary is insolvent or that a notice of intention or proposal has been filed.
Trinity believes that the Subsidiaries making a proposal to creditors and benefiting from the stay on proceedings provides the most efficient and orderly route to concluding its restructuring negotiations with potential funders and securing a refinancing to the benefit of all stakeholders.
Maria Daniel of Ernst & Young Services Limited has been appointed and consented to act as trustee under the proposal, formal notice of which will be sent to creditors of the Subsidiaries in due course in accordance with the provisions of the BIA.
The Company continues to pursue a wider financial restructuring solution and 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 |
SPARK Advisory Partners Limited NOMAD & Financial Adviser Mark Brady Miriam Greenwood, Sean Wyndham-Quin | Tel: +44 (0)203 368 3550 |
Cantor Fitzgerald Europe Broker David Porter Sarah Wharry | Tel: +44 (0)207 894 7000 |
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.