15th Jan 2019 12:33
LONDON (Alliance News) - Trinidad and Tobago-focused oil and gas company Trinity Exploration & Production PLC said on Tuesday it saw a rise in average production for the fourth quarter of 2018.
For the three months to the end of December, Trinity saw a 17% quarter-on-quarter increase in average production volumes to 3,025 barrels of oil per day from 2,734 barrels.
For 2018, average production volumes rose by 14% to 2,871 barrels of oil per day from 2,519 barrels in 2017.
The increased production was attributed to eight new onshore development wells coming on stream during the year, as well as Trinity's continuing work programme of recompletions, workovers, re-activations and swabbing.
During the period, four recompletions and 43 workovers were completed during the quarter, down from 6 recompletions and up from 38 workovers the quarter before.
"This was a busy period for the company as it brought six new wells on stream and exited the year with production well in excess of 3,000 bopd. We are in an extremely strong position as we enter 2019 with increasing levels of profitable production, a healthy cash balance, no debt, strong cash flow generation and a portfolio operating break-even of below USD30 per barrel," said Executive Chair Bruce Dingwall.
Shares in Trinity Exploration & Production were up 2.9% at 15.80 pence on Tuesday.
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