Trinity Exploration & Production (LON:TRIN) has sold its 100% stake in the Gaupo-1 block for US$2.8mln as part of its retrenchment plan.
New Horizon Exploration Trinidad and Tobago will pay Trinity US$ 1.5mln as a deposit and U$1.3mln payable on completion.
Joel ‘Monty’ Pemberton, chief executive, said: “The focus continues to increase operational efficiencies by optimising well performance and continuing cost efficiencies thereby ensuring the business remains sustainable and positioned for growth in a low price oil environment.”
The sale fits with the company’s strategy, announced in April, to sell non-core assets as part of a formal sales process.
“Trinity is continuing with this process, which remains competitive with discussions ongoing with several interested parties,” Pemberton said.
The deal is subject to regulatory approval, including final approval from the Petroleum Company of Trinidad and Tobago and the Ministry of Energy and Energy Affairs.
Shares in Trinity Exploration rose 18.8% to 4.28p today.