REG - Trinity Exploration - Further Share Buyback

Trinity Exploration & ProductionAnnouncement

28/04/2023 16:30

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RNS Number : 9428X  Trinity Exploration & Production  28 April 2023

 

This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation No 596/2014 which is part of English
Law by virtue of the European (Withdrawal) Act 2018, as amended.  On
publication of this announcement via a Regulatory Information Service, this
information is considered to be in the public domain.

 

28 April 2023

 

Trinity Exploration & Production plc

("Trinity" or "the Group" or "the Company")

 

Further Share Buyback

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P
company focused on Trinidad and Tobago, announces that it intends to conduct
on-market purchases under a third share buyback programme (the "Programme")
pursuant to the shareholder authorities obtained at the Company's last annual
general meeting held on 29 June 2022 ("AGM") to return up to US$ 1 million
to shareholders of the Company.  Under the Programme the maximum aggregate
number of ordinary shares of US$ 0.01 each ("Ordinary Shares") that can be
purchased is 3,215,943 Ordinary Shares (which represents approximately 10 per
cent of the Company's issued share capital at the time of the AGM less 672,000
Ordinary Shares repurchased by the Company under the buyback programme
announced on 20 September 2022 and 760,000 Ordinary Shares repurchased by the
Company under the buyback programme announced on 24 October 2022).

 

The Board of Trinity still considers the Company's current market
capitalisation does not reflect an appropriate valuation for the Company.  In
addition to its commitment to operational delivery, as announced in the
Interim Results announced on 20 September 2022, it is the Company's intention
to implement a new Capital Allocation Policy which is likely to include the
payment of a regular dividend and a share buy-back programme.  These initial
share buyback programmes confirm that intent to further deliver value to the
Company's shareholders.

The Programme, which will be funded from the Company's existing cash
resources, will take place within the limitations of the authority granted by
shareholders to the Board of Trinity at the AGM.  The Programme will commence
with immediate effect and will, unless terminated at an earlier date, expire
at the conclusion of the 2023 AGM, or 30 June 2023, whichever is earlier (the
"Expiry Date").

The minimum price (exclusive of expenses) which may be paid for each ordinary
share is US$ 0.01; the maximum price (exclusive of expenses) which may be paid
for any Ordinary Share shall not exceed the higher of: (i) 5 per cent above
the average middle market price of the Ordinary Shares on AIM, a market
operated by the London Stock Exchange plc ("AIM") for the 5 business days
immediately preceding the date on which the Company agrees to buy the shares
concerned; and (ii) the price of the last independent trade of any Ordinary
Share and the highest independent current bid for an Ordinary Share on AIM at
the time the purchase is carried out.  In exercising this authority, the
Company may purchase shares using any currency, including British pounds
sterling ("GBP" or "£"), United States Dollars ("US$") and Euros ("€").

Share purchases will take place in open market transactions and may be made
from time to time depending on market conditions, share price, trading volume
and other factors.  The Company has appointed Cenkos Securities Plc to manage
the Programme and make market purchases of Ordinary Shares on its behalf,
independently of the Company.

Trinity intends to put the repurchased Ordinary Shares into treasury.

The Company has determined that in conducting the Programme it will not rely
on the safe harbour conditions for trading set out in Article 3(2) and Article
3(3) of the Commission Delegated Regulation (EU) 2016/1052 (which forms part
of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) given
the limited liquidity in the Ordinary Shares and limitations that the
conditions would impose on the number of Ordinary Shares that can be purchased
and, as such, the Company may purchase on any trading day materially in excess
of 25 per cent of the average daily volume in the 20 trading days preceding
the date on which the purchase is carried out.

Purchases may continue during any closed period to which the Company is
subject to from the date of this announcement to the Expiry Date.

There is no guarantee that the Programme will be implemented in full or that
any purchases will be made.

As at the time of this announcement, the Company's total issued share capital
consists of Ordinary Shares with one voting right per share.  Trinity holds
1,432,000 of its Ordinary Shares in treasury and has 39,884,637 Ordinary
Shares in issue (including treasury shares).  Therefore, the total voting
rights in the Company will be 38,452,637.

The above figure of 38,452,637 Ordinary Shares may be used by shareholders as
the denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

 

Enquiries:

 Trinity Exploration & Production plc            Via Vigo Consulting

 Nick Clayton, Non- Executive Chairman

 Jeremy Bridglalsingh, Chief Executive Officer

 Julian Kennedy, Chief Financial Officer

 SPARK Advisory Partners Limited                 +44 (0)20 3368 3550

 (Nominated Adviser and Financial Adviser)

 Mark Brady

 James Keeshan

 Cenkos Securities PLC (Broker)                  +44 (0)20 7397 8900

 Leif Powis                                      +44 (0)131 220 6939

 Neil McDonald

 Vigo Consulting Limited                         trinity@vigoconsulting.com

 Finlay Thomson / Patrick d'Ancona               +44 (0)20 7390 0230

 

About Trinity (www.trinityexploration.com (http://www.trinityexploration.com)
)

 

Trinity is an independent oil production company focused solely on Trinidad
and Tobago.  Trinity operates producing and development assets both onshore
and offshore, in the shallow water West and East Coasts of Trinidad. Trinity's
portfolio includes current production, significant near-term production growth
opportunities from low-risk developments and multiple exploration prospects
with the potential to deliver meaningful reserves/resources growth.  The
Company operates all of its ten licences and, across all of the Group's
assets, management's estimate of the Group's 2P reserves as at the end of 2021
was 19.73 mmbbls. Group 2C contingent resources are estimated to be 47.22
mmbbls. The Group's overall 2P plus 2C volumes are therefore 66.95 mmbbls.

 

Trinity is quoted on AIM, a market operated and regulated by the London Stock
Exchange Plc, under the ticker TRIN.

 

 

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