Tabaquite Block Update

RNS Number : 1280I
Trinity Exploration & Production
07 December 2015
 

Trinity Exploration & Production Plc

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

 

Tabaquite Block, Trinidad

 

7th December 2015

 

Trinity, an independent E&P company focused on Trinidad and Tobago, today provides an update on the status of the Sale and Purchase Agreement ("SPA") signed in November 2014 with LGO Energy plc ("LGO") to sell Trinity's interests in Tabaquite E&P Company Limited ("TEPCL").

 

Trinity and LGO have agreed a full and final settlement for the immediate cancellation of the SPA for a consideration of US$265,000 to Trinity inclusive of the Company's associated legal fees.  The consideration is to be paid in LGO ordinary shares equivalent to 41,487,776 shares.

 

The decision to cancel the SPA has been considered as part of management's overall assessment of means to better realise the value and future potential of the Tabaquite Block.

 

 

Enquiries:

 

Trinity Exploration & Production

Bruce Dingwall, Executive Chairman

Tracy Mackenzie, Head of Investor Relations

 

Tel: +44 (0)13 1240 3860

 

 

 

RBC Capital Markets                                                              

Nomad & Broker

Matthew Coakes

Daniel Conti

 


Oil & Gas Advisory

Jakub Brogowski

Roland Symonds

 


Tel: +44 (0) 20 7653 4000

 

 

 

 

Tel: +44 (0) 20 7653 4000

Brunswick Group LLP (PR Adviser)

Patrick Handley

William Medvei

 

Tel: +44 (0) 20 7404 5959

 

 

About Trinity

 Trinity is one of the largest independent E&P company focused on Trinidad and Tobago. Trinity currently 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.  The Company operates all of its licences. Trinity is listed on the AIM market of the London Stock Exchange under the ticker TRIN.LN.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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