![Energy news](https://wpcluster.dctdigital.com/energyvoice/wp-content/uploads/sites/4/2014/03/trinidad.jpg)
Independent producer Trinity has revealed it is looking for a buyer for its assets in Trindad and Tobago whilst agreeing a further extension until October 9 to its debt repayment “moratorium” on the $13million it owes is principal lender.
The company has meanwhile suspended development and exploration activities.
The company, which announced its interim half year results, reported a net loss after tax of $15.8million, significantly less than $22.9 million incurred in the same period in 2014. Revenue decreased to $27.8million compared with $62.3 last year.
Average net production levels were down to 3,085 barrels of oil equivalent per day in 2015 compared to 3,795 boepd a year ago.
Trinity has implemented sweeping cost-cutting measures that have reduced operating costs to $12 from $18.7 million. These included making its chief operating officer Craig McCallum redundant.
The company said it continued to make progress made towards the TGAL Field Development Plan and had sold its 100% interest in the Guapo-1 block for $2.8million. Proceeds from the sale will be used to service its debt.
Trinity said it has been unable to extend the term of its agreement to complete the purchase of 80% interest in Blocks 1(a) & 1(b) from Centrica and the deal was terminated.
Recommended for you
![Chris O'Shea, chief executive officer of Centrica Plc, onboard Spirit Energy Ltd.'s three-platform manned Central Processing Complex (CPC) in the Morecambe Hub off the coast of Lancashire, UK, on Friday, Oct. 20, 2023. Centrica plans to start storing CO2 in the aging gas field in the Irish Sea.](https://wpcluster.dctdigital.com/wp-content/uploads/sites/4/2024/03/409469820-1nhk6oemu-140x84.jpg)