Trinity sells Trinidad assets
PORT OF SPAIN, October 21, 2015 – Trinidadian oil and gas company Trinity Exploration & Production will sell its interests in several assets to Canada’s Touchstone Exploration. The agreement will see Trinity receive a total of $20.8 million for the WD-2, WD-5/6, WD-13, WD-14 and FZ-2 licences.
According to Trinity, the total book value of the assets is pegged at $18.7 million, as of August 2015, and their average combined production rate was 1,574 barrels of oil per day.
Touchstone Exploration will pay Trinity $2.08 million upfront, with the remainder paid upon the sale’s completion, which is expected to come sometime in the fourth quarter of 2015, providing that regulatory and shareholder approvals are obtained.
The sale includes all of Trinity’s onshore assets in Trinidad, but the company retains licences offshore the country’s east and west coasts. Those assets contain net proven and probable reserves of 18.5 million barrels of oil equivalent and 21.7 million barrels of oil equivalent in contingent resources. As of June 30, 2015, the company’s remaining assets were producing at a combined average of 1,333 barrels of oil per day.