Trinity Exploration & Production Loan Update (3513F)
27 Julio 2016 - 1:01AM
UK Regulatory
TIDMTRIN
RNS Number : 3513F
Trinity Exploration & Production
27 July 2016
Embargoed: 07.00a.m., 27 July 2016
Trinity Exploration & Production Plc
(the "Company" or "Trinity"; AIM:TRIN)
Loan update
Trinity, an independent E&P company focused on Trinidad and
Tobago, today announces that the Company has agreed a new
moratorium on principal repayments, relating to Trinity's
outstanding debt with its senior secured lender, Citibank, until 15
August 2016. In addition, it has been agreed that the restricted
access which Citibank had put on Trinity's Citibank accounts will
be removed. As previously announced, the Company continues to
pursue a wider financial restructuring solution.
At the request of the Company, Trinity's ordinary shares have
been suspended from trading on AIM since 07.30 a.m. on 13 July 2016
pending clarification of its financial position. Whilst Citibank
has agreed to a new moratorium, this new moratorium contains a
number of conditions which the Company is expected to satisfy on an
ongoing basis; failure to comply may, automatically, bring the
moratorium to an end which would require all monies owed by the
Company to Citibank to become immediately due and payable. In this
context, and in view of the wider restructuring discussions which
would remove the uncertainty around the Company's financial
position, the Company has requested that trading in its shares
remain suspended until a wider restructuring solution can be
agreed.
The Company will issue further announcements as appropriate.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
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
Cantor Fitzgerald Europe Tel: +44 (0)207 894 7000
Broker
David Porter
Sarah Wharry
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
MSCRRMATMBATMRF
(END) Dow Jones Newswires
July 27, 2016 02:01 ET (06:01 GMT)
Trinity Exploration & Pr... (LSE:TRIN)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
Trinity Exploration & Pr... (LSE:TRIN)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024