Sale of non-core asset for US$2.0m

RNS Number : 0400Y

Trinity Exploration & Production

26 November 2014

 



Trinity Exploration & Production plc

(the "Company" or "Trinity"; AIM:TRIN)

Sale of non-core asset for US$2.0m

26 November 2014

Trinity, the leading independent E&P company focused on Trinidad and Tobago, today announces that it has signed a sale and purchase agreement to sell the Company's interests in TEPCL (the Tabaquite block) to LGO Energy PLC ("LGO") for US$2.0 million.

The US$2.0 million consideration comprises a US$1.0 million cash payment on the execution of the Sale and Purchase Agreement and the remaining US$1.0 million payable on completion of certain commercial conditions and standard regulatory approvals, including final approval from the Petroleum Company of Trinidad and Tobago Limited (Petrotrin) and the Ministry of Energy and Energy Affairs (MOEEA).

The Tabaquite block covers an area of approximately 11.7 square miles (7,502 acres), with production averaging approximately 25 barrels of oil per day (bopd) year to date. The book value of the Tabaquite asset as at 31 December 2013 was US$534,324.

Joel "Monty" Pemberton, Chief Executive Officer of Trinity, commented:

"The successful sale of Tabaquite illustrates the latent value throughout our asset base, and the flexibility this offers Trinity to develop its portfolio through industry-based funding at a time when we are seeing growing interest in the region. Tabaquite was a non-core asset and its sale allows better focus of the Group's resources at a time of considerable activity. We are pleased to have transacted with LGO which is an ideal partner to acquire this acreage being an experienced in-country operator."

Enquiries:

Trinity Exploration & Production Joel "Monty" Pemberton, Chief Executive Officer Tracy Mackenzie, Head of Investor Relations	Tel: [phone]
RBC Capital Markets (NOMAD & Joint Broker) Matthew Coakes Daniel Conti	Tel: [phone]
Jefferies (Joint Broker) Chris Zeal Graham Hertrich	Tel: [phone]
Brunswick Group LLP (PR Adviser) Patrick Handley Pip Green	Tel: [phone]

About Trinity

Trinity is the largest independent E&P company focused on Trinidad and Tobago. Trinity operates assets onshore and offshore on both the West and East coasts. 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 48 mmbbl. Trinity is listed on the AIM market of the London Stock Exchange under the ticker TRIN.LN.

 

END

 

 

MSCFEIFSMFLSEFF