20th Aug 2015 07:20
LONDON (Alliance News) - Trinity Exploration & Production PLC on Thursday said it is in talks with a number of potential suitors, following the strategic review it launched back in April, as it said the low oil price environment has continued to put it under pressure.
The company said there is no certainty any deal will take place, but said it is in talks with a number of interested parties. Chief Executive Joel Pemberton said that despite its continued cost cutting, it will not be able to develop and capitalise on its portfolio independently.
Trinity said its net production in the first half was at 3,085 barrels of oil equivalent per day, following a slight weakening to 2,939 barrels in the second quarter to the end of June.
"The current oil price environment and country specific fiscal regime has been difficult for companies in Trinidad to weather. However, at oil prices below USD50 per barrel we do not pay supplemental petroleum taxes and we welcome the recent indications by the Trinidadian Energy Minister that the price under which SPT becomes zero per cent may be raised to as high as USD80 per barrel," Pemberton said.
"In conjunction with an inventory of works this provides Trinity with a portfolio of highly attractive, producing assets with good visibility on the upside potential which could be delivered when new capital can be re-deployed," he adds.
Trinity shares were down 9.6% to 3.9855 pence in early trade on Thursday, one of the worst performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Trinity