Shares in Trinity Exploration & Production have been restored to trading on AIM after a temporary suspension. The company said restructuring was now completed.
The Restructuring enables Trinity to go forward with a significantly deleveraged balance sheet.
The like-for-like net debt position (outstanding debt plus long term liabilities plus current liabilities minus cash minus current assets) will reduce from $35.5m as at 31 October 2016 to a pro forma net debt position of approximately $9.2m post-completion of the Restructuring.
The equivalent net position excluding long term liabilities would be a net cash position of about $4.5m.
Trinity futher said that gross proceeds from the fundraising will be applied in part towards the payments to creditors under the Creditors Proposal and the Settlement Agreements.
"The balance of the gross proceeds alongside current cash balances and organic cash flow will be deployed towards certain one-off restructuring and infrastructure costs and the re-initiation of drilling activities," it said.
"The Company intends to move forward with a work programme to sustain and grow current production levels from an existing wide inventory of opportunities for workovers, recompletions and swabbing on its current production base and from identified locations for new drilling."
At 9:23am: (LON:TRIN) Trinity Exploration Production share price was +6.13p at 8p