Last checked at 13 Jul 2016 07:30
Embargoed: 07.30a.m., 13 July 2016
Trinity Exploration & Production Plc
(the "Company" or "Trinity"; AIM:TRIN)
Statement re Suspension
At the request of the Company, Trinity's ordinary shares have been suspended from trading on AIM with effect from 07.30 a.m. this morning.
Stakeholders will be aware that the Company has been in extended negotiations with Citibank with regard to repayment of its outstanding debt balance of $13.0 million. This has led to a number of announcements by Trinity where the Company and Citibank have agreed numerous extensions to the moratorium on principal repayments to Citibank whilst the Company has been working on a wider financial restructuring of the business.
Despite the Company's positive attempts at pursuing specific wider restructuring initiatives, the Company has now been unable to agree suitable terms with Citibank with regard to the existing and potential future moratorium terms and as such the Company finds itself no longer in a moratorium. Furthermore, Citibank has now put restricted access on Trinity's Citibank accounts making the Company unable to fund its working capital position in a timely manner as it actively pursues a wider restructuring solution. Following cessation of the moratorium, the amounts owed from the Company to Citibank are now due and payable.
As a result, the Company has requested a suspension in trading of the Company's shares pending clarification of its financial position. The Company's ordinary shares will remain suspended from trading on AIM until such time as Citibank advise the Company on how they would like to proceed, as the senior secured creditor, or a wider restructuring solution can be agreed.
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.