Trinity Exploration suspends trading due to debt uncertainty

Trinity Exploration and Production (E&P) suspended trading on AIM on Wednesday due to its inability to curb its debt.

The Trinidad-based oil explorer has been in extended negotiations with Citibank to try and salvage its outstanding debt balance of $13m. The bank offered the group several extensions while the firm has been working on a wider financial restructuring of the business.

The bank has now put an end to the repayment moratorium and froze the group’s accounts due their inability to come to an agreement. Amounts owed to the bank are now due and as a result the company has suspended its shares until it can clarify its financial position.

The firm’s ordinary shares will remain suspended from trading until Citibank advise the group on how they would like to proceed.

Trinity’s share price was last at 1.75p.