16th Jul 2019 11:11
(Alliance News) - Trinity Exploration & Production PLC is poised to begin its 2019 drilling campaign, the company said Tuesday, following a "steady" second quarter of production.
Trinity, which operates in Trinidad & Tobago, is to start a new infill well at the WD-2 asset on Thursday this week. The 2019 campaign will comprise of up to eight new wells.
On the production front, output in the three months to June was 2,996 barrels of oil a day on average, down 0.8% on the first quarter. This second quarter, however, met expectations, Trinity said.
On the year before, first half production increased by 8.6% to 3,008 barrels a day on average.
Cash at the end of June was USD17.8 million, up from USD12.3 million at the end of March 2018.
Looking ahead, Trinity said the second half of 2019 will be "extremely active" as drilling restarts. The focus in the medium-term is developing the TGAL offshore asset, which could on its own deliver 5,000 barrels to 6,000 barrels of oil per day.
Executive Chair Bruce Dingwall said: "Our strong balance sheet and robust base production mean we are delivering our financial and production targets, and at the same time, ensuring we can take advantage of any strategic opportunities that may arise."
"We remain focused on maximising output and returns for shareholders and continue to evaluate the best ways of protecting and enhancing those returns through prudent treasury management, industry leading operating practices and technical innovation. Given the strength of our business model, the ongoing work programme and visibility afforded by our balance sheet, we continue to face the future with confidence."
Trinity shares were 5.5% higher on Tuesday morning in London at 10.68 pence each.
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