Trinity Exploration & Production Sale of Surplus Inventory (0628H)
10 Marzo 2015 - 8:08AM
UK Regulatory
TIDMTRIN
RNS Number : 0628H
Trinity Exploration & Production
10 March 2015
Trinity Exploration & Production plc
("Trinity" or the "Company"; AIM:TRIN)
Sale of Surplus Inventory
10 March 2015
Trinity, the leading independent E&P company focused on
Trinidad and Tobago, today announces the sale of surplus casing and
tubing to Rigtech Services Limited, Blanket Security Limited and
Well Services Petroleum Company Limited ("Purchasers") for US$3.5
million.
The sale of casing and tubing to the Purchasers constitute a
related party transaction under the AIM Rules as Anthony Brash, a
Director of those entities, is also a Board member and shareholder
of Trinity. The directors of Trinity (with the exception of Anthony
Brash) consider, having consulted with RBC Capital Markets in its
capacity as the Company's nominated adviser, that the terms of the
Transactions, are fair and reasonable insofar as the shareholders
of Trinity are concerned.
The proceeds of the transaction will be used to reduce amounts
owing to Purchasers in relation to services provided by the
Purchasers to the Company. The fall in the casing and tubing market
internationally means that the sale will result in a loss on sale
of US$1.3 million for accounting purposes.
The rationalisation of this excess inventory has allowed Trinity
to consolidate its warehousing and inventory storage thereby
achieving significant leasehold rental savings.
Enquiries:
Trinity Exploration & Production Tel: +44 (0)13 1240
Joel "Monty" Pemberton, Chief Executive 3860
Officer
Tracy Mackenzie, Head of Investor Relations
RBC Capital Markets (NOMAD & Joint Broker) Tel: +44 (0) 20 7653
Matthew Coakes 4000
Daniel Conti
Jefferies (Joint Broker) Tel: +44 (0) 20 7029
Chris Zeal 8000
Graham Hertrich
Brunswick Group LLP (PR Adviser) Tel: +44 (0) 20 7404
Patrick Handley 5959
William Medvei
About Trinity
Trinity is the largest independent E&P company focused on
Trinidad and Tobago. Trinity 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 with the potential to deliver meaningful
reserves/resources growth. The Company operates all of its licences
and has 2P reserves of 48 MMbbl. Trinity is listed on the AIM
market of the London Stock Exchange under the ticker TRIN.LN.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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