Trinity Exploration & Production Notice of Interim Results

RNS Number : 3300F

Trinity Exploration & Production

24 September 2024

 

 

24 September 2024

Trinity Exploration & Production plc

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

 

Notice of Interim Results

 

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, will announce its Interim Results for the six months ended 30 June 2024 on Friday 27 September 2024.

 

- Ends -

 

 

 

Enquiries:

Trinity Exploration & Production plc Jeremy Bridglalsingh, Chief Executive Officer Julian Kennedy, Chief Financial Officer Nick Clayton, Non-Executive Chairman	Via Vigo Consulting
SPARK Advisory Partners Limited (Nominated Adviser and Financial Adviser) Mark Brady James Keeshan	[phone]
Cavendish Capital Markets Limited (Broker) Leif Powis Derrick Lee Neil McDonald	[phone] [phone]
Vigo Consulting Limited Finlay Thomson Patrick d'Ancona	[e-mail] [phone]

 

 

 

About Trinity (www.trinityexploration.com)

Trinity is an independent oil 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 licences and, across all of the Group's assets, management's estimate of the Group's 2P reserves as at the end of 2023 was 12.91 mmstb.  Group 2C contingent resources are estimated to be 38.68 mmstb.  The Group's overall 2P plus 2C volumes are therefore 51.58 mmstb. 

 

On 1 May 2024, the board of directors of each of Trinity and Touchstone Exploration Inc (TSX, LSE: TXP) ("Touchstone") announced in accordance with Rule 2.7 of the City Code on Takeovers and Mergers (the "Touchstone Offer") that they had reached agreement on the terms of an all share offer pursuant to which Touchstone would acquire the entire issued and to be issued ordinary share capital of Trinity.  The acquisition was to be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006.  Further information on the Touchstone Offer can be found on Trinity's website at: https://trinityexploration.com/investors/touchstone-offer/.

 

On 2 August 2024, the boards of directors of Trinity and Lease Operators Limited ("Lease Operators") announced in accordance with Rule 2.7 of the City Code on Takeovers and Mergers that they had reached agreement on the terms of a recommended all-cash acquisition of the entire issued, and to be issued, share capital of Trinity by Lease Operators (the "Acquisition") to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006. Further information on the Acquistion can be found on Trinity's website at: https://trinityexploration.com/investors/lease-operators-offer/.

 

On 18 September 2024 the Trinity Directors announced their intention to seek the permission of the Court to formally withdraw the scheme of arrangement relating to the Touchstone Offer (the "Withdrawal") with a Court hearing scheduled for 25 September 2024 (the "Withdrawal Hearing"). 

 

The Touchstone Board confirmed on 19 September 2024 that it does not intend to exercise its right to implement the Touchstone Offer by way of a Takeover Offer for the Trinity Shares as an alternative to the scheme of arrangement and received the Takeover Panel's consent for the Touchstone Offer to lapse upon the Withdrawal taking effect.

 

The Acquisition remains subject to certain other Conditions, including the approval of Trinity Shareholders at the Court Meeting and General Meeting, the Court's sanction of the Scheme at the Court Hearing, the delivery of a copy of the Court Order to the Registrar of Companies and the satisfaction or (where capable of being waived) waiver of the other Conditions to the Acquisition.

 

Trinity is quoted on AIM, a market operated and regulated by the London Stock Exchange Plc, under the ticker TRIN. 

 

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