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Company Announcements

Loan update

RNS Number : 2823H
Trinity Exploration & Production
16 August 2016
 

For immediate release

16 August 2016

 

 

Trinity Exploration & Production Plc

(the "Company" or "Trinity"; AIM:TRIN)

 

Loan update

On 27 July, 2016, Trinity announced that it had agreed a new moratorium on principal repayments (the "Moratorium"), relating to Trinity's outstanding debt with its senior secured lender, Citibank, until 15 August 2016.  In addition, the Company re-affirmed that it was continuing to pursue a wider financial restructuring solution.

 

The discussions in relation to the potential financial restructuring continue and so the Company had sought a further agreement with Citibank to extend the Moratorium beyond 15 August 2016 to enable the Company to try and negotiate and complete a wider financial restructuring.  The Company received a proposal, late yesterday, from Citibank to extend the Moratorium; however, the Directors believed that they need to seek clarity on a number of issues outlined therein.  As a result, the Moratorium has technically lapsed, but the Directors are confident that these issues can be resolved and that the proposed extension to the Moratorium can be agreed. 

 

Further announcements will therefore be made 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.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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