1st Sep 2015 07:30
LONDON (Alliance News) - Trinity Exploration & Production PLC on Tuesday said its Oilbelt Services Ltd subsidiary has signed a deal to sell the Gaupo-1 block in Trinidad for USD2.8 million in cash.
Trinity said it will sell its 100% stake in the licence to New Horizon Exploration Trinidad and Tobago Unlimited.
The consideration will include a USD1.5 million deposit upon execution of the sale and purchase agreement for the asset, plus a further USD1.3 million on completion.
The block includes 154 wells operated by Trinity, of which nine are currently producing.
"The formal sales process that Trinity entered into in April has illustrated that even in difficult markets Trinity's portfolio remains highly attractive. Trinity is continuing with the FSP process, which remains competitive with discussions ongoing with several interested parties," said Joel Pemberton, Trinity's chief executive.
The news sent Trinity shares higher in early trade, up 17% to 4.222 pence to be among the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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