Trinity Exploration & Production plc (AIM: TRIN), the independent exploration and production company focused on Trinidad, is pleased to announce that it has repaid all outstanding debt, amounting to US$4.2 million in aggregate, to the Board of Inland Revenue of Trinidad and Tobago (“BIR”) and the Ministry of Energy and Energy Industries of Trinidad & Tobago (“MEEI”).
This is a pivotal period for the Company as it enables Trinity to now repay the entire amount outstanding to the remaining holders of the convertible redeemable loan notes issued by the Company (the "Loan Notes"), and thereby facilitates the full repayment of all outstanding debt. The Company will today begin the process of redeeming the Loan Notes in accordance with their terms and it is anticipated that this process will be formally completed with redemption occurring on 15 August 2018.
Bruce A. I. Dingwall CBE, Executive Chairman of Trinity, commented:
“We are delighted to have repaid early our outstanding debts to two key stakeholders in Trinidad & Tobago, and to be completing the redemption of the remaining convertible redeemable loan notes, and therefore being debt free, in the very near-term. Moving forward with a clean balance sheet and a strong inventory of growth opportunities means we look to the future with confidence and are ideally positioned to take advantage of future opportunities as the environment in Trinidad & Tobago evolves.”