Trinity Exploration & Production Statement re Subsidiaries' Proposal to Creditors (3967H)

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