7 Dec 2015 07:00
Trinity Exploration & Production Plc
(the "Company" or "Trinity"; AIM:TRIN)
Tabaquite Block, Trinidad
7th December 2015
Trinity, an independent E&P company focused on Trinidad and Tobago, today provides an update on the status of the Sale and Purchase Agreement ("SPA") signed in November 2014 with LGO Energy plc ("LGO") to sell Trinity's interests in Tabaquite E&P Company Limited ("TEPCL").
Trinity and LGO have agreed a full and final settlement for the immediate cancellation of the SPA for a consideration of US$265,000 to Trinity inclusive of the Company's associated legal fees. The consideration is to be paid in LGO ordinary shares equivalent to 41,487,776 shares.
The decision to cancel the SPA has been considered as part of management's overall assessment of means to better realise the value and future potential of the Tabaquite Block.
Enquiries:
Trinity Exploration & Production Bruce Dingwall, Executive Chairman Tracy Mackenzie, Head of Investor Relations
| Tel: +44 (0)13 1240 3860
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| Tel: +44 (0) 20 7653 4000
Tel: +44 (0) 20 7653 4000 | ||||
Brunswick Group LLP (PR Adviser) Patrick Handley William Medvei
| Tel: +44 (0) 20 7404 5959
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About Trinity
Trinity is one of the largest independent E&P company focused on Trinidad and Tobago. Trinity currently operates assets onshore and offshore on both the West and East coasts. Trinity's portfolio includes current production, significant near-term production growth opportunities from low risk developments and multiple exploration prospects. The Company operates all of its licences. Trinity is listed on the AIM market of the London Stock Exchange under the ticker TRIN.LN.
Trinity (TRIN)