Trinity Exploration & Production Issue of Equity, Director/ PDMR Shareholding & TVR (9191V)

TIDMTRIN

RNS Number : 9191V

Trinity Exploration & Production

12 August 2020

Trinity Exploration & Production plc

('Trinity' or the 'Company' or the 'Group')

Issue of Equity, Director/ PDMR Shareholding & Total Voting Rights

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, announces the Company has issued 4,745,057 new ordinary shares in the Company ('Ordinary Shares') to certain employees who have exercised options that vested in respect of the one-off awards made under the approved 2017 Long Term Incentive Plan ("LTIP") as announced to the market on 10 July 2020. The 4,745,057 Ordinary Shares issued fall under the block admission to trade that was effective from 16 July 2020.

Of the Ordinary Shares to be issued, Bruce Dingwall, Executive Chairman has exercised 3,121,080 options of which 1,745,772 Ordinary shares were sold to cover tax liabilities in respect of the Ordinary Shares issued. Following these transactions, Mr Dingwall is interested in 14,861,422 Ordinary shares in the Company representing 3.82% per cent of the issued share capital (voting rights), of the Company as per the table below.

 
1   Details of the person discharging managerial responsibilities/person closely associated 
a)  Name                                                    Bruce Dingwall 
2   Reason for the notification 
a)  Position/status                                         Executive Chairman 
b)  Initial notification /Amendment                         Initial 
3   Details of the issuer, emission allowance market participant, auction platform, auctioneer 
     or auction monitor 
a)  Name                                                    Trinity Exploration & Production plc 
b)  Legal Entity Identifier                                 213800WHW7571LAEDG63 
4   Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) 
     each type of transaction; (iii) each date; and (iv) each place where transactions have been 
     conducted 
a)  Description of the financial instrument, type of        Ordinary shares of USD 0.01 per share par value 
    instrument                                               GB00B8JG4R91 
    Identification code 
b)  Nature of the transaction                               Exercise of Options under the LTIP and sale of Ordinary 
                                                            Shares 
c)  Currency                                                 USD & GBP 
d)  Price(s) and volume(s)                                  Date         Transaction Type         Amount        Price 
                                                             11 Aug 2020  Exercise of Options      3,121,080  USD 0.01 
                                                             11 Aug 2020  Sale of Ordinary Shares  1,745,772  GBP0.088 
e)  Aggregated information                                   Transaction Type         Amount     Price 
     - Aggregated volume                                      Exercise of Options      3,121,080  USD 0.01 
     - Aggregated price                                       Sale of Ordinary Shares  1,745,772  GBP0.088 
     - Aggregated total                                       Residual increase in shareholding 
                                                              Exercise of Options 1,375,308 USD 0.01 
f)  Date of the transaction                                  11.08.2020 
g)  Place of the transaction                                Off market (Exercise) and London Stock Exchange, AIM 
                                                            (sale) 
 

Total Voting Rights

Following the issue of the Ordinary Shares the Company will have 388,794,303 Ordinary Shares in issue with no shares held in treasury. This is the total number of voting rights in the Company and may be used by shareholders as the denominator for calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Enquiries:

 
Trinity Exploration & Production                 Tel: [phone] 
 Bruce Dingwall CBE, Executive Chairman           3860 
 Jeremy Bridglalsingh, Managing Director 
 & Chief Financial Officer 
 Tracy Mackenzie, Corporate Development Manager 
SPARK Advisory Partners Limited ( Nominated      Tel: [phone] 
 Adviser and Financial Adviser)                   3550 
 Mark Brady 
Cenkos Securities PLC (Broker)                   Tel: [phone] 
 Joe Nally (Corporate Broking)                    8900 
 Neil McDonald                                    [phone] 
Walbrook PR Limited                                             Tel: [phone] 
 Nick Rome                                                                     8780 
                                                  [e-mail] 
 

About Trinity

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 2019 was 20.9 mmbbls. Group 2C contingent resources are estimated to be 20.1 mmbbls. The Group's overall 2P plus 2C volumes are therefore 41.1 mmbbls.

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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August 12, 2020 05:05 ET (09:05 GMT)