Trinity has entered into an agreement to sell its interests in the WD-2, WD-5/6, WD-13, WD-14 and FZ-2 licences and related fixed assets to Touchstone Exploration Inc. for cash consideration of US$20.8 million. Together, the Blocks constitute substantially all of Trinity's onshore licence portfolio.
The Transaction follows the announcement on 8th April 2015 that the Company had undertaken to launch a strategic review in order to maximise value for shareholders. In particular the sale:
•Demonstrates and crystallises the significant value created by Trinity through its historic investment in the licences
•Enables the Company to repay in full its senior secured debt facility
•Facilitates the paying down of outstanding creditor payables
•Strengthens the Company's balance sheet and working capital position