Trinity says that as part of the ongoing review process it is divesting a non-core asset. Oilbelt Services Limited, a fully owned subsidiary of Trinity, has signed a Sale and Purchase Agreement to sell the Company's 100% interest in the Gaupo-1 block to New Horizon Exploration Trinidad and Tobago Unlimited for a cash consideration of US$2.8 million. The proceeds of the transaction will be utilised to reduce Trinity's senior secured debt facility.
The US$2.8 million consideration comprises a US$1.5 million deposit on the execution of the SPA (which has been received and is being held in escrow) with the remaining US$1.3 million payable on completion. The transaction 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.