Trinity completes restructuring

Trinity Exploration & Production has completed the restructuring of the company.

The oil company with assets and Trinidad and Tobago has been trying to resolve its financial issues for months, and it on Wednesday said that the restructuring “is now completed.”

It said the restructuring would enable it to go forward with a significantly deleveraged balance sheet.

The like for like net debt position will reduce from  $35.5 million as at October 31 2016 to a pro forma net debt position of approximately US$9.2 million post-completion of the restructuring. The equivalent net position excluding long term liabilities would be a net cash position of approximately US$4.5 million.

When it comes to operations, Trinity said it would resume onshore drilling program at the rate of four new onshore wells per year starting 2017, subject to market conditions, most notably the prevailing oil price.

It said that its planned onshore activities have the potential to grow production from current levels of c. 2,600 barrels of oil per day, which comprises 3.6 per cent of total countrywide production in Trinidad and Tobago, to an eventual run-rate of 3,000 barrels of oil per day.

As for the offshore drilling, Trinity doesn’t expect new offshore drilling will occur before late 2018, subject to market conditions.

Bruce A. I. Dingwall CBE, Executive Chairman of Trinity, said: “The completion of the restructuring brings to an end a period of prolonged uncertainty for Trinity, and will provide a strong foundation for the company to move forward and to develop the group’s valuable interests across the onshore, east coast and west coast production areas for the benefit of shareholders and the company’s other stakeholders.”

Share this article

Follow Offshore Energy Today

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply