Trinity Exploration & Production Profit Lifted By Oil Price Rises

6th Mar 2018 14:13

LONDON (Alliance News) - Trinity Exploration & Production PLC said in a trading update on Tuesday it saw a production fall with profit boosted by oil price rises and control over costs.

Trinidad and Tobago-focused oil and gas company said its net production during the year fell 0.9% to 2,519 barrels of oil per day from 2,542 bopd. Its average oil price per barrel increased 23% to USD48.6 from USD39.4.

The company said the current year has started positively with production in January 2018 rising to 2,811 bopd. Trinity Exploration & Production said it is targeting between 800 and 3,000 bopd for the current year.

Trinity Exploration & Production Executive Chairman Bruce Dingwall said: "2017 was a transformational year for the Company, with the restructuring and refinancing undertaken at the beginning of the period and our return to production growth in the second half of the year. Our low-cost production model has underpinned a significant increase in operating profits, affording the company the opportunity to accelerate debt repayment. The combination of our strong balance sheet and proven ability to grow levels of production ensures that the company is well placed to realise further value in 2018 and beyond."

Operating costs stayed in line with expectations, resulting in "robust" operating profit of USD11.0 million, up 75% from USD6.3 million the prior year.

Trinity Exploration & Production significantly reduced its net debt to USD100,000 from USD38.0 million in 2016 and ended the financial year with USD11.8 million in cash.

"We look forward with confidence and will provide a further update alongside our full year audited results," Dingwall added.

Shares in Trinity Exploration & Production were 0.4% lower at 15.69 pence on Tuesday.

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