Trinity Exploration & Production Statement re Subsidiaries' Proposal to Creditors (3967H)
August 17 2016 - 2:00AM
UK Regulatory
TIDMTRIN
RNS Number : 3967H
Trinity Exploration & Production
17 August 2016
Trinity Exploration & Production Plc
(the "Company" or "Trinity"; AIM:TRIN)
Statement Regarding Subsidiaries' Proposal to Creditors
17 August 2016
Trinity, an independent E&P company focused on Trinidad and
Tobago, today announces that its Trinidad and Tobago incorporated
wholly-owned subsidiaries Trinity Exploration and Production
(Trinidad and Tobago) Limited, Galeota Oilfield Services Limited,
Trinity Exploration and Production (Galeota) Limited, Tabaquite
Exploration & Production Company Limited, Trinity Exploration
and Production (GOP) Limited, Trinity Exploration and Production
(GOP-1B) Limited, Oilbelt Services Limited, Trinity Exploration and
Production Services Limited and Ligo Ven Resources Limited
(together the "Subsidiaries") have filed notices of intention
("NOIs") to make a proposal to creditors under the Trinidad and
Tobago Bankruptcy and Insolvency Act Chapter 9:70 ("BIA").
The BIA allows a company to continue operating while it submits
its proposal to reach a settlement with its outstanding creditors.
The filing of the NOIs provides the Subsidiaries with a stay of
proceedings from all of their creditors and means that no person
may terminate or amend an agreement or claim an accelerated payment
under any agreement with any Subsidiary by reason only that such
Subsidiary is insolvent or that a notice of intention or proposal
has been filed.
Trinity believes that the Subsidiaries making a proposal to
creditors and benefiting from the stay on proceedings provides the
most efficient and orderly route to concluding its restructuring
negotiations with potential funders and securing a refinancing to
the benefit of all stakeholders.
Maria Daniel of Ernst & Young Services Limited has been
appointed and consented to act as trustee under the proposal,
formal notice of which will be sent to creditors of the
Subsidiaries in due course in accordance with the provisions of the
BIA.
The Company continues to pursue a wider financial restructuring
solution and will issue further announcements as appropriate.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Trinity Exploration & Tel: +44 (0)131 240 3860
Production Plc
Bruce Dingwall, Executive
Chairman
Tracy Mackenzie, Head
of Corporate Development
SPARK Advisory Partners Tel: +44 (0)203 368 3550
Limited
NOMAD & Financial Adviser
Mark Brady
Miriam Greenwood,
Sean Wyndham-Quin
Cantor Fitzgerald Europe Tel: +44 (0)207 894 7000
Broker
David Porter
Sarah Wharry
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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August 17, 2016 03:00 ET (07:00 GMT)