20th Feb 2014 09:59
LONDON (Alliance News) - Trinity Exploration & Production PLC Thursday announced its fourth quarter production rates and production outlook for 2014.
The oil and gas exploration and production company with operations in Trinidad and Tobago said its net production for the three months ending 2013 averaged 4,210 barrels of oil equivalent per day and its reserves are now 49 million barrels of proved and probable resources.
The company has now increased production 23% and reserves 56% since its initial public offering in February 2013.
Trinity said the development concept and engineering work is underway at its TGAL-1 oil discovery to deliver a field development plan.
The company said it plans to moderately grow production through infill drilling and recompletions during 2014 and expects a net average production rate of between 3,800 and 4,500 barrels of oil equivalent per day in 2014.
Trinity Exploration shares were down 4.6% to 115.00 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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