Trinity Caribbean oil driller secures $25m deal

Bruce Dingwall founded Venture Production in 1997. Picture: Complimentary
Bruce Dingwall founded Venture Production in 1997. Picture: Complimentary
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TRINITY Exploration & Production, the Trinidad and Tobago-focused oil driller run by Venture Production founder Bruce Dingwall, yesterday secured a $25 million (£16m) financing deal from Citibank.

The deal swells Trinity’s total loan facility from Citi to $43m and will be used to accelerate the Aim-quoted company’s growth in the Caribbean.

Dingwall founded Aberdeen-based Venture Productions in 1997 and grew the company into a constituent of the FTSE 250 index before it was swallowed up by Scottish Gas-owner Centrica in 2009 in a £1.3 billion hostile takeover.

Perthshire-based Dingwall, who was born in Trinidad to a British family, had left the company in 2004.

He went on to buy the Trinidadian assets of Venture Production in 2005 and used them to set up Trinity.

Earlier this year, Trinity completed a £45m reverse takeover of Aim-quoted Bayfield Energy, which also has operations in Trinidad and Tobago.

Monty Pemberton, chief executive at Trinity, said: “We are pleased to have secured additional financing headroom of $25m to accelerate our growth and thank Citibank for its continued support of our business.

“This new facility provides financial flexibility to increase reserves and production without diluting our shareholders.”

Dennis Evans, Citi Caribbean cluster head, added: “This agreement underscores Citi’s continued support of Trinity and of the oil and gas sector in Trinidad and Tobago, the mainstay of the country’s economy.”

Last week it emerged that Legal & General had increased its stake in Trinity.