Trinity Exploration books loss as lower oil price hits revenue

Tue, 18th May 2021

Trinidad and Tobago focused oil company Trinity Exploration & Production booked a full-year loss after rising revenue was offset by lower crude prices. Net losses for the year through December amounted to $2.8 million, compared to year-on-year losses of $9.6 million. Revenue fell 31% to $44.1 million. Average net production rose 7% to 3,226 barrels of oil equivalent per day. Trinity said production levels were resilient in the first quarter of 2021, with volumes averaging 3,107 bopd. '2021 will be a year of investment as we seek to advance current developments, identify new opportunities via the strategic partnerships we have recently entered into and pursue further low-cost appraisal and exploration targets,' executive chairman Bruce Dingwall said. At 9:59am: (LON:TRIN) Trinity Exploration Production share price was 0p at 8.45p Story provided by StockMarketWire.com

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