Partial vesting of the 2017 Awards under the Long Term Incentive Plan (LTIP)
Adoption of Revised LTIP and
Grant of 2021 Annual LTIP Awards under the Revised LTIP
Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, announces the vesting of awards made under the Long Term Incentive Plan (“LTIP”) on 25 August 2017 and 2 January 2019, the revision of the LTIP and awards granted under the revised LTIP.
2017 One Off LTIP Awards
Further to the announcement of 25 August 2017, informing the Market that the Company had issued certain awards under its LTIP to the Executive Directors and other key employees (“Management”), the Company announces further vesting of these awards as a result of satisfying a portion of the performance criteria established at the time of the grant.
The 2017 One Off LTIP Awards are due to vest on 30 June 2022, subject to meeting a series of predetermined performance criteria. However, under the terms of the award, the performance criteria were to be tested on 30 June 2020 and 30 June 2021 and at these dates whole or partial vesting could occur to the extent that the relevant performance conditions had been met. Subject to meeting these conditions and continued employment with the Company, the Options are exercisable at nil cost by the participants. Participants have until 24 August 2027 to exercise any Options vesting pursuant to the 2017 One Off LTIP Awards.
The performance criteria satisfied by the Company on 30 June 2020 and on 30 June 2021 are detailed below:
Trinity Exploration & Production plc
+44 (0)131 240 3860
Nick Clayton, Non-Executive Chairman
Jeremy Bridglalsingh, Chief Executive Officer
Tracy Mackenzie, Corporate Development Manager
Trinity is an independent oil production company focused solely on Trinidad and Tobago. Trinity operates producing and development assets both onshore and offshore, in the shallow water West and East Coasts of Trinidad. Trinity’s portfolio includes current production, significant near-term production growth opportunities from low-risk developments and multiple exploration prospects with the potential to deliver meaningful reserves/resources growth. The Company operates all of its nine licences and, across all of the Group’s assets, management’s estimate of the Group’s 2P reserves as at the end of 2020 was 19.55 mmbbls. Group 2C contingent resources are estimated to be 31.06 mmbbls. The Group’s overall 2P plus 2C volumes are therefore 50.61 mmbbls.
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