Trinidad and Tobago focused energy firm Trinity announced Tuesday that its fully owned subsidiary, Oilbelt Services Limited, has signed an agreement to sell the company’s 100 percent interest in the onshore Guapo-1 (GU-1) block to New Horizon Exploration Trinidad and Tobago Unlimited for $2.8 million.
The transaction, which will be used to reduce Trinity’s senior secured debt facility, is subject to standard regulatory approvals, including final approval from the Petroleum Company of Trinidad and Tobago Limited and the Ministry of Energy and Energy Affairs. This deal also requires approval by Trinity shareholders.
Joel Pemberton, chief executive officer of Trinity, commented in a company statement:
“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 formal sales process, which remains competitive with discussions ongoing with several interested parties.”
Block GU-1 contains 154 wells operated by Trinity, nine of which are currently producing an average of approximately 79 barrels of oil per day. The value of the Block GU-1 asset stood at $2.2 million, as at July 31, 2015.
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