Trinity Exploration & Production Sale of West Coast Assets Update (2897X)
November 23 2017 - 2:00AM
UK Regulatory
TIDMTRIN
RNS Number : 2897X
Trinity Exploration & Production
23 November 2017
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Sale of West Coast Assets Update
Trinity, the independent E&P company focused on Trinidad and
Tobago, provides an update regarding the proposed sale of its West
Coast Assets. On 11 August 2017, Trinity announced that it had
entered into a binding sale and purchase agreement ("SPA") to sell
its interests in the Brighton Marine and the Point Ligoure - Guapo
Bay - Brighton Marine Exploration and Production Licences and
related fixed assets (the "West Coast Assets") to a subsidiary of
AIM quoted Range Resources Limited ("Range") for a cash
consideration of US$4.55 million (the "Transaction").
This Transaction was subject to various conditions including
regulatory approvals to assign operatorship of the West Coast
Assets to Range. The regulators were unable to gain sufficient
comfort on the transfer of ownership and operatorship, and
therefore have not approved the assignment. Without regulatory
approvals the sale of the West Coast Assets to Range will not
complete, and the deposit of US$4.55 million, currently held in
escrow, is expected to be released to Range under the terms of the
SPA and related escrow agreement.
It is still Trinity's aim to divest of these assets and to that
end the Company will now revert to the other relevant parties that
took part in the sale process and we shall make further
announcements as and when appropriate. In the interim the West
Coast Assets continue to be profitable and are performing as
expected having averaged 264 bopd (gross) or 217 bopd (net) over
the third quarter of 2017.
As previously announced on 13 November, at end Q3 2017 Trinity
had cash balances of US$12.3 million and a daily production rate of
2,754 bopd in October 2017. The drilling programme remains on
course to commence in Q1 2018, which will help grow production to a
3,000 bopd run rate.
Bruce Dingwall, CBE, Executive Chairman of Trinity,
commented:
"We continue to focus on maximising shareholder value and plan
to further grow production while maintaining financial discipline.
As such, we aim to further increase profitability and returns as we
maintain our development strategy. We look forward to commencing
drilling in the next quarter and will update the market regarding
the divestment of these non-core assets in due course."
Enquiries:
Trinity Exploration & Production Tel: +44 (0) 131
Bruce Dingwall CBE, Executive 240 3860
Chairman
Jeremy Bridglalsingh, Chief
Financial Officer
SPARK Advisory Partners Limited Tel: +44 (0) 203
(NOMAD & Financial Adviser) 368 3550
Mark Brady
Miriam Greenwood
James Keeshan
Cantor Fitzgerald Europe (Broker) Tel: +44 (0) 207
David Porter 894 7000
Sebastien Maurin
Tel: +44 (0) 207
Whitman Howard Limited (Equity 659 1234
Adviser)
Nick Lovering
Walbrook PR Limited trinityexploration@walbrookpr.com
Nick Rome or Tel: +44 (0) 207
933 8780
About Trinity (www.trinityexploration.com)
Trinity is an independent oil and gas exploration and production
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 nine
licences and, across all of the Group's assets, management's
estimate of 2P reserves as at the end of 2016 was 21.3 mmbbls
(excluding the Guapo-1 license which was disposed of in April
2016). Group 2C contingent resources are estimated to be 21.1
mmbbls. The Group's overall 2P plus 2C volumes are therefore 42.3
mmbbls.
Trinity is quoted 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
END
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