Trinity Exploration & Production PLC (LON:TRIN) has told investors it has been encouraged by progress made in its formal sale process and restructuring.
It comes after news on Monday that the group’s shares had been suspended from trading on AIM pending clarification of the group’s financial position.
Trinity has had leeway over a US$13mln debt from its lender Citibank, which has been extending a moratorium on the debt repayment, however, the parties are now unable to agree terms for a further extension.
In a stock market statement today, the company said: “The board still believes that the opportunities available represent the best approach for Trinity and its stakeholders, but Trinity shareholders are advised that, whilst the board is encouraged with progress made to date, there can be no certainty that any offer or other transaction will result from these discussions or as to the terms on which any offer or other transaction may be made.”
Trinity told investors it would issue further announcements if any further action is taken by Citibank or the company.