17th Apr 2019 11:43
LONDON (Alliance News) - Trinity Exploration & Production PLC on Wednesday said production volumes over the first quarter were in line with expectations.
The exploration company, focused on Trinidad & Tobago, said average production volumes in the quarter to March 31 rose 11% year-on-year to 3,020 barrels of oil per day. In the comparative period a year ago production stood at 2,721 barrels per day.
However, first quarter production reduced 6% from the last quarter of 2018, when it came in at 3,205 barrels of oil per day.
Over the period, the company's focus was on maintaining production across its operations, continued sub-surface mapping and development of new infill drilling locations across all assets.
Looking ahead, Trinity said production for the remainder of 2019 will depend on the "timing and success of the planned drilling programme", which is currently expected to comprise up to eight new wells.
Net average production for 2019 is expected to be in the range of 3,000 to 3,300 barrels of oil per day, unchanged from the guidance issued at the time of the company's 2018 results.
"Trinity is continuing to focus on maintaining its healthy operating margins and strong balance sheet from which it can grow production in line with previous guidance. The timing and scale of the forward drilling programme is yet to be determined and will be subject to sensibly optimising profitability and cash-flow through the year," the company said.
Trinity Exploration shares were trading down 4.0% at 13.20 pence each on Wednesday around midday.
Related Shares:
Trinity