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>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 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

AIPN’s 2018 International Petroleum Summit (IPS)

The event features two full days of conference sessions, four pre-conference workshop offerings, a highly-rated structured Speed Networking…

read more >

FPSO Europe Congress 2018

The FPSO Europe Congress 2018 builds on these themes, lending a particular focus to FPSO Value Preservation and Operational Excellence…

read more >

Arabia 2018 Conference and Exhibition

Offshore Arabia is a focused prestigious meeting place of the Offshore Industry, and it’s diverse spectrum from the Oil & Gas…

read more >

Asia Pacific Maritime (APM) 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals…

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