Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Trinity Exploration (TRIN)

  Print      Mail a friend

Friday 11 August, 2017

Trinity Exploration

Sale of West Coast Assets for US$4.55 million

RNS Number : 7200N
Trinity Exploration & Production
11 August 2017
 

 

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

 

Trinity Exploration & Production plc

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

 

Sale of West Coast Assets for US$4.55 million

 

Trinity, the independent E&P company focused on Trinidad and Tobago, announces that it has entered into a binding sale and purchase agreement ("SPA") to sell its interests in the Brighton Marine and the Point Ligoure - Guapo Bay - Brighton Marine Exploration and Production Licences and related fixed assets (the "West Coast Assets") to a subsidiary of AIM quoted Range Resources Limited ("Range") for a cash consideration of US$4.55 million (the "Transaction"). Together, the West Coast Assets constitute all of Trinity's West Coast licence portfolio.

 

Transaction Rationale

The Transaction supports Trinity's strategy to grow reserves, production and cash flow from its core Onshore and Offshore East Coast assets where the bulk of current reserves and production reside. Whilst there is significant remaining potential across the West Coast Assets, the Directors believe that this is best extracted by an operator with the resources required to continue to invest in these assets. In particular the Transaction:

 

·     crystallises the significant value of the West Coast Assets;

·     further strengthens the Company's balance sheet and working capital position; and

·     enables both financial and human resources to be focused on core growth opportunities across the Company's Onshore and East Coast assets.

 

The sale is subject to customary regulatory approvals, including approval from the Petroleum Company of Trinidad and Tobago Limited ("Petrotrin") and the Ministry of Energy and Energy Industries ("MEEI").

 

Under the terms of the Transaction, Range has agreed to deposit the full consideration of US$4.55 million into escrow to be released on completion. The Transaction is expected to complete in the fourth quarter of 2017. The funds received will be used for general corporate purposes.

 

In aggregate, the West Coast Assets produced at an average net rate of 190 bopd for the twelve months to 31 December 2016, contain management estimate 2P reserves of 2.6 mmbbls and contingent resources of 0.52 mmbbls. The Transaction consideration equates to US$1.75/bbl (2P) and US$23,947 on a US$/flowing barrel basis. Both metrics are higher than the current market value ascribed to Trinity's portfolio as a whole.

Further announcements will be made as appropriate. 

 

Forward Strategy

Following completion of the Transaction, Trinity will continue to be one of the largest independent oil and gas companies in Trinidad with a portfolio of assets spanning the Onshore and Offshore East Coast acreage. These remaining assets include management estimate net 2P reserves of 18.7 mmbbls and 20.6 mmbbls of contingent resources.

 

Trinity has a clear strategic focus going forward, which is to grow reserves and production to maximise the cash flow from our core assets while achieving a market value that is more reflective of our underlying assets. This will be delivered through financial discipline, the efficient deployment of capital and by delivering on the potential of our diverse and deep portfolio of low-cost production and development assets. The Company is well positioned for growth with an inventory of high quality drilling locations across its Onshore and Offshore East Coast acreage.

 

Bruce Dingwall, CBE, Executive Chairman of Trinity, commented:

"Trinity's West Coast portfolio played a significant role in the early evolution of the Company.  However, greater shareholder value can now be delivered by focusing our financial and management resources on driving forward a focused onshore and offshore portfolio with a robust reserve base, substantial production growth opportunities and significant further resource potential."

 

Additional Required Information

The (audited) carrying book value of the assets as at 31 December 2016 is made up of property plant and equipment totalling US$1.6 million, and a net decommissioning liability (using a decommissioning methodology specific to Trinity) of US$3.5 million that combine to reflect a net negative carrying value of US$1.9 million. The carrying value of the West Coast Assets have been impaired by US$24.2 million over the three financial years that ended on 31 December 2016, mainly due to a reduction in 2P reserves following the significant oil price decline. 

 

Losses (before taxes and any extraordinary items) attributable to the West Coast Assets for the twelve month period ended 31 December 2016 were US$2.1 million.

 

Competent Person's Statement

The information contained in this announcement has been reviewed and approved by Graham Stuart, the Company's Technical Advisor who has 34 years of relevant global experience in the oil industry.  Mr. Stuart holds a BSC (Hons) in Geology. Reserves and resources in this announcement are based on internal management estimates in accordance with SPE PRMS guidelines (Petroleum Resources Management System 2007 & Revisions).

 

Enquiries:

 

Trinity Exploration & Production

Tel: +44 (0) 131 240 3860

Bruce Dingwall, Executive Chairman

 

Tracy Mackenzie, Head of Corporate Development

 

 

 

SPARK Advisory Partners Limited (Nominated & Financial Adviser)

Tel: +44 (0) 20 3368 3550

Mark Brady

 

Miriam Greenwood

 

Sean Wyndham-Quin

 

 

 

Cantor Fitzgerald Europe (Broker)

Tel: +44 (0) 20 7894 7000

David Porter

 

Sebastien Maurin

 

 

 

Walbrook PR Limited

[email protected] or Tel: +44 (0) 20 7933 8780

Nick Rome

 

Gary Middleton

 

     

 

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 2016 was 21.3 mmbbls (excluding the Guapo-1 license which was disposed of in April 2016). Group 2C contingent resources are estimated to be 21.1 mmbbls. The Group's overall 2P plus 2C volumes are therefore 42.3 mmbbls.

 

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


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

a d v e r t i s e m e n t