THE Trinity Exploration and Production business which runs its corporate development function from Edinburgh is selling its assets off the west coast of Trinidad and Tobago for $4.55 million (£3.5m).
Led by North Sea veteran Bruce Dingwall, Trinity has agreed to sell the acreage to Trinidad and Tobago-based Range Resources in a deal that will allow the company to boost its balance sheet.
Aim-listed Trinity wants to focus on the assets it holds onshore the Caribbean state and off its east coast.
The company said the price agreed placed a higher valuation on the assets than the £30m stock market valuation of Trinity reflected.
In January Trinity completed a restructuring that helped put it on a stable footing after a period of uncertainty.
The company suffered heavy losses after slashing the valuation of assets amid the crude price plunge.
It said yesterday the carrying value of the West Coast Assets had been impaired by $24.2 million over the three years to 31 December, mainly due to a reduction in proved and probable reserves following the oil price decline.
Mr Dingwall said the West Coast portfolio played a significant role in the early evolution of the company.
He developed Trinity out of assets bought in 2005 from the Venture Production business he used to run. Mr Dingwall left Aberdeen-based Venture in 2004, five years before it was bought by Centrica for £1.3bn.
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