Appointment of Senior NED

RNS Number : 6899I

Trinity Exploration & Production

28 November 2018

 

RNS ANNOUNCEMENT: The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

Trinity Exploration & Production plc

("Trinity" or "the Group" or "the Company")

Appointment of Senior Independent Non-Executive Director

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, is pleased to announce the appointment of Nicholas Clayton, as its Senior Independent Non-Executive Director, with immediate effect. Mr. Clayton will be Chair of the Remuneration Committee and a member of the Audit Committee.

Mr. Clayton has provided strategic and corporate finance advice to, and has been a non-executive director of, a number of public and private oil and gas companies since 2007.  Prior to that, he held a series of senior oil and gas corporate finance roles, including Global Co-Head of Oil and Gas Corporate Finance for Canaccord Adams and Global Head of Oil and Gas Corporate Finance for Dresdner Kleinwort Wasserstein. Mr. Clayton started his career with BP, before moving into financial services where he specialised in the oil and gas sector. He brings to the Board 37 years of experience within the oil and gas sector as a practitioner, a director, and as an adviser. He currently serves as a Non-Executive Director of Alpha Petroleum Resources Limited.

Bruce Dingwall CBE, Executive Chairman of Trinity, commented: 

"I am delighted to welcome Nick to our Board. The breadth and depth of his sector specific advisory experience will provide the Board with additional perspective and combined with our existing board members, strengthens the industry, M&A and capital markets experience as we continue to grow and develop Trinity's asset portfolio."

The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:

Nicholas John Clayton (aged 55), does not currently hold any ordinary shares in the Company.

Current Directorships or Partnerships	Previous Directorships or Partnerships held within the past five years
Alpha Petroleum Resources Limited	Yellowstone Environmental Services Limited Sterling Energy PLC Circle Oil plc

Circle Oil plc

Mr. Clayton was a non-executive director from 2011 until 20 February 2017, when the company went into a creditors' voluntary liquidation.  In 2016, the company announced a strategic review as it had encountered financial difficulties due to reducing borrowing facilities, declining production and low oil prices.  This process was driven by the Company's lenders and with the full cooperation of the Board.  The review process resulted in the sale of two subsidiaries by administrators and the subsequent liquidation of the company.  There was no criticism of the Directors.

Idaho Natural Resources Inc. (formerly Bridge Resources Corporation)

Mr. Clayton, who was non-executive Chairman, was asked by the Company's secured lenders to become CEO in September 2011 to oversee a financial restructuring of the business which resulted in the sale of all the company's assets and to execute a creditors' voluntary liquidation of the business with their support.  The Company was then liquidated with all staff paid out in full, some payment to trade creditors with a significant recovery to the secured lenders in cash and assets.  This process was completed in October 2012.  There was no criticism of Mr. Clayton.

Save as disclosed above, there are no other disclosures required in relation to AIM Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules for Companies.

Enquiries

For further information please visit www.trinityexploration.com or contact:

Trinity Exploration & Production plc	[phone]
Bruce Dingwall CBE, Executive Chairman Jeremy Bridglalsingh, Chief Financial Officer Tracy Mackenzie, Corporate Development Manager
SPARK Advisory Partners Limited (Nominated Adviser and Financial Adviser)	[phone]
Mark Brady Miriam Greenwood Andrew Emmott
Cenkos Securities PLC (Broker)
Joe Nally (Corporate Broking) Neil McDonald Beth McKiernan Derrick Lee Pete Lynch	[phone] [phone]
Whitman Howard Limited (Equity Adviser)	[phone]
Nick Lovering Hugh Rich
Walbrook PR Limited	[phone]
Nick Rome	[e-mail]

About Trinity (www.trinityexploration.com)

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 2017 was 23.2 mmbbls. Group 2C contingent resources are estimated to be 24.0 mmbbls. The Group's overall 2P plus 2C volumes are therefore 47.2 mmbbls.

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

 

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