Loan update

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 & Production Plc Bruce Dingwall, Executive Chairman Tracy Mackenzie, Head of Corporate Development	Tel: [phone]
SPARK Advisory Partners Limited NOMAD & Financial Adviser Mark Brady Miriam Greenwood, Sean Wyndham -Quin	Tel: [phone]
Cantor Fitzgerald Europe Broker David Porter Sarah Wharry	Tel: [phone]

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.

 

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