Trinity Exploration & Production Loan update (2823H)
16 Agosto 2016 - 3:33AM
UK Regulatory
TIDMTRIN
RNS Number : 2823H
Trinity Exploration & Production
16 August 2016
For immediate release
16 August 2016
Trinity Exploration & Production Plc
(the "Company" or "Trinity"; AIM:TRIN)
Loan update
On 27 July, 2016, Trinity announced that it had agreed a new
moratorium on principal repayments (the "Moratorium"), relating to
Trinity's outstanding debt with its senior secured lender,
Citibank, until 15 August 2016. In addition, the Company
re-affirmed that it was continuing to pursue a wider financial
restructuring solution.
The discussions in relation to the potential financial
restructuring continue and so the Company had sought a further
agreement with Citibank to extend the Moratorium beyond 15 August
2016 to enable the Company to try and negotiate and complete a
wider financial restructuring. The Company received a proposal,
late yesterday, from Citibank to extend the Moratorium; however,
the Directors believed that they need to seek clarity on a number
of issues outlined therein. As a result, the Moratorium has
technically lapsed, but the Directors are confident that these
issues can be resolved and that the proposed extension to the
Moratorium can be agreed.
Further announcements will therefore be made 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
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