Trinity Exploration & Production FSP Update and Change of Adviser (9388A)
13 Junio 2016 - 1:00AM
UK Regulatory
TIDMTRIN
RNS Number : 9388A
Trinity Exploration & Production
13 June 2016
Trinity Exploration & Production Plc
(the "Company" or "Trinity"; AIM:TRIN)
Formal Sale Process Update and Change of Adviser
13(th) June 2016
Formal Sale Process
Trinity, an independent E&P company focused on Trinidad and
Tobago, today provides an update on its formal sale process ("FSP")
pursuant to the City Code on Takeovers and Mergers (the "Code").
The FSP and Strategic Review were originally announced on 8 April
2015 with the Company having received a number of conditional
proposals and expressions of interest in relation to certain of the
Company's assets.
For the last 12 months the Company has focused intently on
streamlining the business in reaction to a sustained low oil price
environment. As a result of the significant reduction in operating
and G&A costs that has been put in place, the forward plan on
the asset base is attractive, even at low oil prices. As a result
of this effort, the Board and Management believe that Trinity's
core portfolio offers an excellent base from which to expand once
there has been a satisfactory resolution of the current balance
sheet constraints.
To this end in March 2016 Trinity engaged two specialist
refinancing advisers, Cantor Fitzgerald of London and Imperial
Capital of New York. This has resulted in detailed stage
discussions being undertaken with a number of interested parties.
The Board believes that the opportunities available represent the
best approach for Trinity and its stakeholders. Further updates
will be provided as appropriate.
Trinity Shareholders are advised that, whilst Management is
encouraged with progress to date, there can be no certainty that
any offer or other transaction will result from these discussions
or as to the terms on which any offer or other transaction may be
made.
Change of Adviser
Separately, the Company is pleased to announce the appointment
of SPARK Advisory Partners Limited as its Nominated Adviser
("NOMAD") and Financial Adviser with immediate effect.
Enquiries:
Trinity Exploration & Tel: +44 (0)131 240 3860
Production Plc
Bruce Dingwall, Executive
Chairman
Tracy Mackenzie, Head
of Corporate Development
SPARK Advisory Partners Tel: +44 (0)203 368 3550
Limited
NOMAD & Financial Adviser
Mark Brady
Miriam Greenwood,
Sean Wyndham -Quin
RBC Capital Markets Tel: +44 (0) 20 7653 4000
Broker
Matthew Coakes
Daniel Conti
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
END
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