Trinity Exploration & Production Sale of US$ 2.8 million in VAT Bonds (4418R)
30 Giugno 2020 - 08:00AM
UK Regulatory
TIDMTRIN
RNS Number : 4418R
Trinity Exploration & Production
30 June 2020
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Sale of US$ 2.8 million in VAT Bonds
"Further Strengthening of Liquidity Position"
Trinity, the independent E&P company focused on Trinidad
& Tobago ("T&T"), today announces the successful sale the
VAT Bonds received from the T&T Government on 29 May 2020 ("VAT
Bonds") for US$ 2.8 million in cash.
This proceeds of the sale represent 100% of the face value of
the VAT Bonds and result in a further strengthening of Trinity's
liquidity position, details of which are summarised below:
-- VAT Bonds with a principal value of US$ 2.8 million were received by Trinity on 29 May 2020
-- The VAT Bonds relate to VAT refunds due to Trinity from the
T&T Government for all Group entities for the period up to 31
December 2019
-- The VAT Bonds were sold to a local financial institution on 29 June 2020
-- Trinity's unaudited proforma cash balances following receipt of the proceeds of the bonds are approximately US$ 19.3 million (equivalent to c 4.0p/share)
This further strengthens Trinity's already strong liquidity
position and enhances its ability to take advantage of any growth
opportunities that may arise as a consequence of the current low
oil price environment.
Bruce Dingwall CBE, Executive Chairman of Trinity,
commented:
"At all levels of Government, the co-operation and support we
have received has been instrumental in helping us to sustain our
operations throughout the COVID-19 pandemic. The Board of Inland
Revenue moved quickly to deliver the VAT Bond Programme and we are
grateful for their support."
"We are encouraged by the recent improvement in oil prices and,
given the robust nature of our operations and strong balance sheet,
we remain well placed despite the challenging environment. We
continue to prudently manage our operations, remain highly
resilient to low oil prices and confident we can ride out the storm
and be open to capture the opportunities that will inevitably exist
for the more robust and low cost operators."
For further information please visit: www.trinityexploration.com or contact:
Trinity Exploration & Production plc +44 (0)131 240 3860
Bruce Dingwall CBE, Executive Chairman
Jeremy Bridglalsingh, Managing Director
& Chief Financial Officer
Tracy Mackenzie, Corporate Development
Manager
SPARK Advisory Partners Limited (Nominated
Adviser and Financial Adviser) +44 (0)20 3368 3550
Mark Brady
Cenkos Securities PLC (Broker)
Joe Nally (Corporate Broking)
Neil McDonald +44 (0)20 7397 8900
Derrick Lee +44 (0)131 220 6939
Walbrook PR Limited +44 (0)20 7933 8780
Nick Rome trinityexploration@walbrookpr.com
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.
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contact rns@lseg.com or visit www.rns.com.
END
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