Trinity Exploration & Production (LON:TRIN) told investors it has agreed a further extension to the moratorium on its debt repayment.
The deadline for the principle payments relating to its US$13mln debt has been set back to December 18.
“Discussions are ongoing with the lender to secure a further extension of its credit facilities and management expect for there to be continued support, particularly following the announcement of the sale of substantially all of Trinity's onshore assets for US$20.8mln,” the company said in a statement.
In October, the company announced a deal to sell its onshore oil and gas assets for US$20.8mln to Canadian oil group Touchstone Exploration (TSE:TXP).
The company, at that time, said the disposal would enable it to repay in full its senior secured debt facility and make in-roads into its other outstanding commitments.
Touchstone paid just over US$2mln into escrow, and the remainder was anticipated by the end of the year.
Following the sale, Trinity will focus on its offshore Trinidad licences which have 18.5mln barrels oil equivalent of proved and probable reserves, and 21.7mln boe of contingent resources