Trinity Exploration & Production (AIM: TRIN): $20m Fundraise to Accelerate Growth and Repay Debt

Trinity Exploration & Production (AIM: TRIN) has conditionally raised $20m to accelerate growth and fully repay all outstanding debt and Loan Notes. As well as attracting new institutional investment via an oversubscribed placing, Directors and senior management participated in the fundraise by contributing in aggregate $3m. As such, the Board remains fully aligned with investors and will have a 22.7% stake in the Company post completion of the raise. Certain holders of the Loan Notes (including Directors) have opted to remain invested in the Company by converting the value of some or all of their Loan Notes. The Company is also providing an opportunity for qualifying retail investors to participate through an open offer.

In addition to enabling the Company to repay in full the outstanding debt to the BIR and the MEEI as well as all outstanding amounts under the Loan Notes issued in January 2017, the proceeds will enable the Company to rapidly accelerate its onshore drilling programme and production, with a planned 8-10 wells per year, as it builds on the solid foundations created since restructuring.  As such, the Company will be in a position to generate free cash flow and self-fund new onshore drilling activity from 2020 onward while continuing double-digit annual production growth as it develops its low risk onshore assets.

In addition to accelerating the onshore programme, the Fundraising will also provide Trinity with the necessary capital resources to allow revision of the Trintes drilling plan and the TGAL Field Development Plan with the Company's East Coast Assets offering a significant opportunity to deliver a step-change in production levels in the medium term.

New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

TrinityTrinity E&PTrinity Exploration & Productione&pFundraisingDebtAIM

More items from oilvoice

Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice

Posted 1 year agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice

Posted 1 year agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice

Posted 1 year agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice

Posted 1 year agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice

Posted 1 year agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice