20th Jan 2020 10:02
(Alliance News) - Trinity Exploration PLC on Monday said both new and existing wells helped drive a strong performance in the final quarter of 2019.
Trinity, which has assets in Trinidad & Tobago, achieved production of 3,196 barrels of oil per day on average in the fourth quarter, 13% higher than the previous quarter.
For 2019 as a whole, Trinity achieved average production of 3,007 barrels per day, up 5% year-on-year.
The rise in production came from six new onshore wells coming onstream during the second half of the year, the full impact of which was only felt in the last quarter as well as better performance from existing well. The 2019 production exit rate was nearly 3,400 barrels a day, with December's production above that figure on average.
Trinity ended 2019 with a better cash balance, no debt, and a new but undrawn working capital facility, it said. Cash at December 31 was USD13.8 million, 35% higher than a year before despite drilling new wells.
Executive Chair Bruce Dingwall said: "We continue with our strategy of delivering returns for our shareholders by growing production and margins as well as maximising free cash flow from our attractive portfolio of assets.
"As such, the positive results from our second half 2019 drilling programme, incorporating our first high angle well, are particularly pleasing."
Looking ahead, Trinity will be prioritising free cash generation and higher production in 2020. It will also be looking for new high angle well drilling locations.
Trinity shares were 1.0% lower on Monday morning in London at a price of 10.90 pence each.
By George Collard; [email protected]
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