16th Nov 2015 10:24
LONDON (Alliance News) - Trinity Exploration & Production PLC on Monday said it remains in a formal sale process as it continues with its strategic review, and said that it estimates its total provides plus probably reserves of its remaining assets will be 18.4 million barrels of oil equivalent.
Last month the company agreed to sell its stakes in five licenses in Trinidad for a total of USD20.8 million, as part of a strategic review that it began in early April in an attempt to monetise its assets.
Following these sales Trinity will continue to operate its remaining assets, it said, and it will continue to focus on improving its operational efficiencies to "ensure asset profitability in a low oil price environment."
Trinity Exploration plans to focus on the offshore off the east coast of Trinidad, which it said "contains the greatest volume of production potential and of reserves and resource." On the West Coast it believes growth potential from its Brighton Marine, Point Ligoure, Guapo Marine and Brighton Marine Outer blocks could be targeted via the re-initiation of infill drilling, re-completions and greenfield development programmes.
"Across Trinity's ongoing asset base there are identified pathways for value and production growth. Until such time as these can be fully evaluated the company aims to continue to reduce operating breakeven levels whilst warehousing and retaining the integrity of a significant volume of reserves and resources," the company said.
Trinity Exploration said its group average net production levels for the year to end-September was 2,963 barrels of oil equivalent per day, compared to 3,085 boepd in the first half of calendar 2015.
Shares in Trinity Exploration were up 8.3% at 5.95 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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