13th Sep 2013 07:50
LONDON (Alliance News) - Trinity Exploration & Production PLC said that recent changes made to Trinidad & Tobago's tax legislation for oil and gas companies operating in the country is good news for the company.
The independent exploration-and-production company, which is focused on Trinidad & Tobago, said that the progressive fiscal package introduced by the Trinidad & Tobago government, to ensure that activity levels are increased and that the region remains internationally competitive, will help stimulate its cash flow, help improve returns of future projects, and allow for further investments in explorations and development.
The changes to the fiscal regime were set out by Minister of Finance and the Economy Larry Howai in his 2014 budget statement to parliament on Monday. They include the ability to roll unused tax credits forward for one year and and to write off 100% of exploration costs in the year incurred.
"These progressive fiscal reforms endorse Trinity's strategy and philosophy of operating and investing in Trinidad. The increased return to the Company will assist in driving project economics and delivering greater shareholder value through increased activity levels," said Chief Executive Officer Joel Pemberton.
Trinity Exploration & Production share were trading at 112.00 pence per share after the open Friday, 0.4% or 0.50 pence lower.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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