By Kyle Morris


Trinity Exploration & Production PLC said Tuesday that the Galeota farm-down process has been paused as expected reforms to the supplemental petroleum tax remain under consideration by the government of Trinidad and Tobago.

The Trinidad-focused oil company said that the reforms were expected to have been confirmed sooner than now appears likely. A decision is hoped for in the near term, it said.

The company will be able to seek the best value for Galeota, when the reforms have been confirmed, it said.

Trinity confirmed it plans to resume drilling activities at the site early in the second half.

"With our focus firmly on shareholders' best interests we strongly believe that this approach will, ultimately, ensure we optimize value for shareholders," Chief Executive Jeremy Bridglalsingh said.

Shares in the company at 0742 GMT were down 6.50 pence, or 4.9%, at 126.00 pence.


Write to Kyle Morris at kyle.morris@dowjones.com


(END) Dow Jones Newswires

05-03-22 0412ET