Trinity Exploration & Production has secured a temporary repayment reprieve for its $13million in debt.
The independent exploration firm focused on Trinidad and Tobago confirmed its lender had extended the deadline for principal repayments until December 11.
A company spokesman said: “Discussions are ongoing with the lender to secure a further extension of its credit facilities and management expect for there to be continued support, particularly following the announcement of the sale of substantially all of Trinity’s onshore assets for $20.8million.”
The extension comes as LGO Energy agreed to pay $265,000, after pulling out of a sale and purchase agreement for Trinity’s interests in Tabaquite E&P Company Limited.
The figure, which includes Trinity’s legal fees, will be paid in LGO ordinary shares equivalent to 41,487,776 shares.
LGO’s chief executive Neil Ritson said: “We are pleased to have reached closure on this matter which has become a distraction to LGO during a time of sustained low oil price and a need to focus on its core businesses in Goudron, the SW Peninsula of Trinidad and in Spain.”