Trinity Exploration & Production Appointment of Senior NED (6899I)
28 November 2018 - 6:00PM
UK Regulatory
TIDMTRIN
RNS Number : 6899I
Trinity Exploration & Production
28 November 2018
RNS ANNOUNCEMENT: The information communicated in this
announcement contains inside information for the purposes of
Article 7 of Regulation 596/2014.
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Appointment of Senior Independent Non-Executive Director
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago, is
pleased to announce the appointment of Nicholas Clayton, as its
Senior Independent Non-Executive Director, with immediate effect.
Mr. Clayton will be Chair of the Remuneration Committee and a
member of the Audit Committee.
Mr. Clayton has provided strategic and corporate finance advice
to, and has been a non-executive director of, a number of public
and private oil and gas companies since 2007. Prior to that, he
held a series of senior oil and gas corporate finance roles,
including Global Co-Head of Oil and Gas Corporate Finance for
Canaccord Adams and Global Head of Oil and Gas Corporate Finance
for Dresdner Kleinwort Wasserstein. Mr. Clayton started his career
with BP, before moving into financial services where he specialised
in the oil and gas sector. He brings to the Board 37 years of
experience within the oil and gas sector as a practitioner, a
director, and as an adviser. He currently serves as a Non-Executive
Director of Alpha Petroleum Resources Limited.
Bruce Dingwall CBE, Executive Chairman of Trinity,
commented:
"I am delighted to welcome Nick to our Board. The breadth and
depth of his sector specific advisory experience will provide the
Board with additional perspective and combined with our existing
board members, strengthens the industry, M&A and capital
markets experience as we continue to grow and develop Trinity's
asset portfolio."
The following additional information is provided in accordance
with paragraph (g) of Schedule Two to the AIM Rules for
Companies:
Nicholas John Clayton (aged 55), does not currently hold any
ordinary shares in the Company.
Current Directorships or Partnerships Previous Directorships or Partnerships
held within the past five years
Alpha Petroleum Resources Limited Yellowstone Environmental Services
Limited
Sterling Energy PLC
Circle Oil plc
Circle Oil plc
Mr. Clayton was a non-executive director from 2011 until 20
February 2017, when the company went into a creditors' voluntary
liquidation. In 2016, the company announced a strategic review as
it had encountered financial difficulties due to reducing borrowing
facilities, declining production and low oil prices. This process
was driven by the Company's lenders and with the full cooperation
of the Board. The review process resulted in the sale of two
subsidiaries by administrators and the subsequent liquidation of
the company. There was no criticism of the Directors.
Idaho Natural Resources Inc. (formerly Bridge Resources
Corporation)
Mr. Clayton, who was non-executive Chairman, was asked by the
Company's secured lenders to become CEO in September 2011 to
oversee a financial restructuring of the business which resulted in
the sale of all the company's assets and to execute a creditors'
voluntary liquidation of the business with their support. The
Company was then liquidated with all staff paid out in full, some
payment to trade creditors with a significant recovery to the
secured lenders in cash and assets. This process was completed in
October 2012. There was no criticism of Mr. Clayton.
Save as disclosed above, there are no other disclosures required
in relation to AIM Rule 17 or paragraph (g) of Schedule 2 of the
AIM Rules for Companies.
Enquiries
For further information please visit www.trinityexploration.com
or contact:
Trinity Exploration & Production plc +44 (0)131 240 3860
Bruce Dingwall CBE, Executive Chairman
Jeremy Bridglalsingh, Chief Financial Officer
Tracy Mackenzie, Corporate Development
Manager
SPARK Advisory Partners Limited (Nominated
Adviser and Financial Adviser) +44 (0)20 3368 3550
Mark Brady
Miriam Greenwood
Andrew Emmott
Cenkos Securities PLC (Broker)
Joe Nally (Corporate Broking)
Neil McDonald
Beth McKiernan
Derrick Lee +44 (0)20 7397 8900
Pete Lynch +44 (0)131 220 6939
Whitman Howard Limited (Equity Adviser) +44 (0)20 7659 1234
Nick Lovering
Hugh Rich
Walbrook PR Limited +44 (0)20 7933 8780
Nick Rome trinityexploration@walbrookpr.com
About Trinity (www.trinityexploration.com)
Trinity is an independent oil and gas exploration and production
company focused solely on Trinidad and Tobago. Trinity operates
producing and development assets both onshore and offshore, in the
shallow water West and East Coasts of Trinidad. Trinity's portfolio
includes current production, significant near-term production
growth opportunities from low risk developments and multiple
exploration prospects with the potential to deliver meaningful
reserves/resources growth. The Company operates all of its nine
licences and, across all of the Group's assets, management's
estimate of 2P reserves as at the end of 2017 was 23.2 mmbbls.
Group 2C contingent resources are estimated to be 24.0 mmbbls. The
Group's overall 2P plus 2C volumes are therefore 47.2 mmbbls.
Trinity is quoted on the AIM market of the London Stock Exchange
under the ticker TRIN.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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