Trinity, Centrica asset sale deal breaks down

  • Business & Finance

Trinity, an independent E&P company focused on Trinidad and Tobago, has been unable to extend the term of its agreement to complete the purchase of 80% interests in Blocks 1(a) & 1(b), offshore Trinidad, from Centrica.

Trinity explained that consequently, the Sale & Purchase Agreement between Trinity and two subsidiaries of Centrica has been terminated.

To remind, Trinity announced in July 2014 it would acquire Centrica’s 80-per cent operatorship holding in blocks 1a and 1b in the Gulf of Paria, offshore the west coast of Trinidad for $23 million.

On January 23, 2015 Trinity made a non-refundable deposit of $2.5 million for the two blocks. The remaining $20.5 million plus working capital adjustments with interest accrued were due on completion and the completion date agreed for the transaction was the end of July.

The assets contain four undeveloped, but fully appraised discoveries with six existing wells and a 3D dataset having established excellent reservoir quality and proven well deliverability located in shallow (20-35m) water. Post development, a plateau production rate of 80.0 mmcf/d (64.0 mmcf/d or 10,700 boepd net) is forecast.

Offshore Energy Today Staff

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