19th Sep 2013 11:57
LONDON (Alliance News) - Trinity Exploration & Production PLC Thursday said it saw a six-fold increase in its pretax profits in its first half on the back of increased production from its Trintes Field.
The oil and gas exploration and development company with operations in Trinidad and Tobago said its pretax profit rose to USD60.8 million from USD9.7 million for the six months to June 30.
The company said sales rose 25% to USD54.5 million from USD40.7 million as strong international oil prices and increased onshore production helped company finances.
Trinity said its current production is at 3,830 barrels of oil equivalent per day, up 12% since February as it ramped up production at its Trintes Field since taking full operational control in February. However, the company said it is downgrading its production guidance to 4,200 to 4,500 barrels of oil equivalent per day by the end of 2013 as the Trintes Field did not get operational until later than expected.
The company also said it will be drilling two exploration wells at its El Dorado prospect in its fourth quarter and is seeking to broaden its exploration portfolio in the coming year.
The government of the Republic of Trinidad & Tobago recently announced capital allowance incentives which will benefit Trinity's cashflow, while the company also secured an additional USD25 million undrawn debt facility with Citibank to improve finances.
"Trinity remains a fundamentally strong business, continues to grow reserves and production, generating operating cash with material exploration upside. Trinity ended June 2013 with USD57 million of cash and is fully funded for its work programme," Chief Executive Joel Pemberton said in a statement.
Trinity shares were down 3.4% to 106.24 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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