13th Jun 2016 07:03
LONDON (Alliance News) - Trinity Exploration & Production PLC Monday said it has held "detailed stage discussions" with a number of parties that are interested in purchasing certain assets owned by the company and said it expects to make a further update shortly.
Trinity, an independent oil and gas firm working solely in Trinidad and Tobago, has been conducting a formal sales process for around 14 months and has received a number of conditional proposals and expressions of interest during that time.
Detailed talks have now been held with a number of those interested parties and Trinity said it believes the opportunities that have been presented to the company represent the "best approach for Trinity and its shareholders".
Trinity did not provide any further detail concerning the opportunities that have been presented, but said a further update will be provided "as appropriate".
"Trinity shareholders are advised that, whilst management is encouraged with progress to date, there can be no certainty that any offer or other transaction will result from these discussions or as to the terms on which any offer or other transaction may be made," said the company.
Whilst conducting the formal sales process, Trinity has focused on reducing general and administrative costs and attempting to realign the business to suit lower oil prices, and believes the business can now expand from an "excellent base" once the balance sheet constraints have been addressed.
Trinity's lender, Citibank, has been supportive throughout the sales process by giving numerous extensions to the company's USD13.0 million debt facility. Trinity secured its 35th extension from the lender on Monday that will run until this Friday - suggesting a development concerning the sales process could potentially happen later this week.
Separately, the company said it has also appointed SPARK Advisory Partners Ltd as its nominated adviser with immediate effect.
By Joshua Warner; [email protected]; @JoshAlliance
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