Trinity Exploration & Production (LON:TRIN) has revealed it won’t complete the proposed acquisition of Blocks 1(a) and 1(b) offshore Trinidad.
The company, in a statement after Monday’s close, told investors that it was unable to agree an extension to the deadline with Centrica and the arrangement was subsequently terminated.
It comes as Trinity continues an ongoing strategic review and formal sales process.
The deal for Blocks 1(a) and 1(b) was agreed with Centrica last July and it had seen Trinity acquire 80% of the assets, four undeveloped gas discoveries, for US$23mln.
At the time of the deal it was envisaged that it would increase Trinity’s resource base by 42%.