TIDMTRIN

RNS Number : 6029S

Trinity Exploration & Production

10 July 2020

Trinity Exploration & Production plc

('Trinity' or the 'Company' or the 'Group')

Partial Vesting of the 2017 Awards under the Long Term Incentive Plan

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, announces the partial vesting of the one off awards made under the Long Term Incentive Plan ("LTIP") on 25 August 2017.

Further to the announcement of 25 August 2017, informing the Market that the Company had issued certain awards under its LTIP to the Executive Directors and other key employees ("Management"), the Company announces the partial vesting of these awards as a result of satisfying a portion of the performance criteria established at the time of the grant.

The Options are due to vest on 30 June 2022, subject to meeting a series of predetermined performance criteria. However, the Options can also vest in whole or in part on 30 June 2020 or 30 June 2021, to the extent that the relevant performance conditions have been met. Subject to meeting these conditions and continued employment with the Company, the Options are exercisable at nil cost by the participants. Participants have until 24.08.2027 to exercise any Options vesting under this tranche of the LTIP scheme.

The Company has satisfied certain performance criteria (the detail of which is set out below) and as a result 34.59% per cent of the awards made to Management vested on 30 June 2020.

 
 Performance Criteria          Percent of options   Performance criteria 
  Set                           available to vest    achieved 
 Share price growth            70 per cent          The 3-month VWAP at 
  from the 2017 placing                              the first testing 
  price of 4.98 pence                                date of 30 June 2020 
  per share . If the                                 was 6.95p. Therefore, 
  3- month volume-weighted                           6.56 per cent of this 
  price (VWAP) at the                                performance criterion 
  testing date is 35                                 has been met. 
  pence per share or 
  more this element 
  of the award vests 
  in full. If the 3-month 
  VWAP at the testing 
  date is between 4.98 
  pence and 35 pence 
  per share, this component 
  of the award will 
  vest on a pro-rated 
  straight line basis. 
                              -------------------  ------------------------ 
 
 Repayment of the amount       20 per cent          Performance criterion 
  due to the Board of                                achieved and the full 
  Inland Revenue of                                  20 per cent of options 
  Trinidad and Tobago                                vest. 
  in accordance with 
  the terms of the Creditors 
  Proposal approved 
  in 2017, with repayment 
  due by 30 September 
  2019. 
                              -------------------  ------------------------ 
 
 Redemption of all             10 per cent          Performance criteria 
  the Convertible Loan                               achieved and the full 
  Notes issued in January                            10 per cent of options 
  2017 before the second                             vest. 
  anniversary of their 
  issue. 
                              -------------------  ------------------------

The total number of Options vested on 30 June was 8,916,631 including those vested to the Executives detailed in the table below. A further 16,858,744 options will be re-tested under the Share Price Growth criterion on 30 June 2021 and 30 June 2022.

 
 Name                    Position              NUMBER OF ORDINARY SHARES 
                                                VESTING 
 Bruce Dingwall          Executive Chairman    3,121,080 
                        ====================  ========================== 
                         Managing Director 
                          & Chief Financial 
 Jeremy Bridglalsingh     Officer              1,788,912 
                        ====================  ==========================

Whilst these Options have vested, as yet, none of the vested Options have been exercised by any of the Executives. These vested Options remain available to be exercised until 24.08.2027. The Company intends to apply for a single block admission to trading on AIM for awards exercised under the LTIP. A further announcement will be made as appropriate.

The Remuneration Committee believes that the Company's LTIP continues to be an important tool for aligning the interests of the Trinity management team, including the Executives, with those of shareholders. The Share Price Performance criterion means that future grants will only take place when the Company's share price appreciates in absolute terms and the total pool of Options issued in this tranche will only vest, in full, if the 3-month VWAP exceeds 35 pence at one of the future testing dates.

Enquiries:

 
Trinity Exploration & Production                 Tel: +44 (0)131 240 
 Bruce Dingwall CBE, Executive Chairman           3860 
 Jeremy Bridglalsingh, Managing Director 
 & Chief Financial Officer 
 Tracy Mackenzie, Corporate Development Manager 
SPARK Advisory Partners Limited ( Nominated      Tel: +44 (0)20 3368 
 Adviser and Financial Adviser)                   3550 
 Mark Brady 
Cenkos Securities PLC (Broker)                   Tel: +44 (0)20 7397 
 Joe Nally (Corporate Broking)                    8900 
 Neil McDonald                                    +44(0)131 220 6939 
 Derrick Lee 
Walbrook PR Limited                                             Tel: +44 (0)20 7933 
 Nick Rome                                                                     8780 
                                                  trinityexploration@walbrookpr.com

About Trinity

Trinity is an independent oil and gas exploration and production 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 nine licences and, across all of the Group's assets, management's estimate of 2P reserves as at the end of 2019 was 20.9 mmbbls. Group 2C contingent resources are estimated to be 20.1 mmbbls. The Group's overall 2P plus 2C volumes are therefore 41.1 mmbbls.

Trinity is quoted on the AIM market of the London Stock Exchange under the ticker TRIN.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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