LONDON (ShareCast) - (ShareCast News) - Trinity Exploration & Production has cut its net debt by three quarters to $9.2m after completing a restructuring via a placing and subscription, saying it expects to restart its onshore drilling programme with four new wells this year and new offshore drilling "as early as late 2018".
After a creditors proposal was approved in the Trinidad and Tobago courts, Trinity placed 187.6m new shares on AIM on Wednesday and trading restarted in its shares after a suspension since 13 July last year.

"The completion of the restructuring brings to an end a period of prolonged uncertainty for Trinity, and will provide a strong foundation for the company to move forward and to develop the group's valuable interests across the Onshore, East Coast and West Coast production areas for the benefit of shareholders and the company's other stakeholders," said executive chairman Bruce Dingwall.

Trinity, which noted that its equivalent net position, if excluding long term liabilities, would be a net cash position of roughly US$4.5m, has also appointed three new directors, including the promotion of chief financial officer Jeremy Bridglalsingh to executive director, and two directors from investor Mako in the form of David Segel and Angus Winther to non-executive director roles.

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