Trinity Exploration Pauses Galeota Farm-Down Amid Tax Reforms
May 03 2022 - 4:27AM
Dow Jones News
By Kyle Morris
Trinity Exploration & Production PLC said Tuesday that the
Galeota farm-down process has been paused as expected reforms to
the supplemental petroleum tax remain under consideration by the
government of Trinidad and Tobago.
The Trinidad-focused oil company said that the reforms were
expected to have been confirmed sooner than now appears likely. A
decision is hoped for in the near term, it said.
The company will be able to seek the best value for Galeota,
when the reforms have been confirmed, it said.
Trinity confirmed it plans to resume drilling activities at the
site early in the second half.
"With our focus firmly on shareholders' best interests we
strongly believe that this approach will, ultimately, ensure we
optimize value for shareholders," Chief Executive Jeremy
Bridglalsingh said.
Shares in the company at 0742 GMT were down 6.50 pence, or 4.9%,
at 126.00 pence.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
May 03, 2022 04:12 ET (08:12 GMT)
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