Trinity Exploration & Production Q3 2017 Operational Update (2170W)
November 13 2017 - 1:00AM
UK Regulatory
TIDMTRIN
RNS Number : 2170W
Trinity Exploration & Production
13 November 2017
RNS ANNOUNCEMENT: The information communicated in this
announcement contains inside information for the purposes of
Article 7 of Regulation 596/2014.
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Q3 2017 Operational Update
Trinity, the independent E&P company focused on Trinidad and
Tobago, today provides an update on its operations for the
three-month period ended 30 September 2017.
During the period, Trinity built on the momentum achieved during
H1 by continuing to grow production profitably and further
strengthening the balance sheet.
Q3 Highlights
-- 7.4% quarter on quarter increase in Group average production
volumes to 2,506 bopd for the three-month period (Q3) ended 30
September 2017 (Q2 2017: 2,333 bopd)
o Increase in production achieved through implementing Trinity's
planned programme of recompletions, workovers, reactivations and
swabbing
-- Further profitable production growth achieved since the
quarter end, with an average production rate of 2,754 bopd recorded
in October 2017
-- Cash balance of US$ 12.3 million as at 30 September 2017
-- Liabilities continue to reduce with quarterly repayments to
the Board of Inland Revenue and Ministry of Energy and Energy
Industries continuing to be made in line with the ratified payment
plan
Outlook
The Company remains focused on growing production and maximising
financial returns. The high value-added, near-term work programme,
combined with low operating costs, underpins the Board's confidence
that the robust financial performance will continue during Q4 ahead
of initiating drilling operations in Q1 2018.
Bruce A. I. Dingwall CBE, Executive Chairman of Trinity,
commented:
"As a Board, we have continued to maintain financial discipline
on our capital spend and operating costs during the period. Our
focus on the low hanging fruit, through our recompletion,
reactivation, swabbing and workover programme has resulted in a
7.4% quarter-on-quarter increase in production and we anticipate
further growth in production and profitability during the remainder
of the year."
Enquiries:
Trinity Exploration & Production Tel: +44 (0) 131
Bruce Dingwall CBE, Executive 240 3860
Chairman
Jeremy Bridglalsingh, Chief
Financial Officer
SPARK Advisory Partners Limited Tel: +44 (0) 203
(NOMAD & Financial Adviser) 368 3550
Mark Brady
Miriam Greenwood
James Keeshan
Cantor Fitzgerald Europe (Broker) Tel: +44 (0) 207
David Porter 894 7000
Sebastien Maurin
Whitman Howard Limited (Equity Tel: +44 (0) 207
Adviser) 659 1234
Nick Lovering
Walbrook PR Limited trinityexploration@walbrookpr.com
Nick Rome or Tel: +44 (0) 207
933 8780
About Trinity (www.trinityexploration.com)
Trinity is an independent oil and gas exploration and production
company focused solely on Trinidad and Tobago. Trinity operates
producing and development assets both onshore and offshore, in the
shallow water West and East Coasts of Trinidad. Trinity's portfolio
includes current production, significant near-term production
growth opportunities from low risk developments and multiple
exploration prospects with the potential to deliver meaningful
reserves/resources growth. The Company operates all of its nine
licences and, across all of the Group's assets, Management's
estimate of 2P reserves as at the end of 2016 was 21.3 mmbbls.
Group 2C contingent resources are estimated to be 21.1 mmbbls. The
Group's overall 2P plus 2C volumes are therefore 42.3 mmbbls.
Trinity is listed on the AIM market of the London Stock Exchange
under the ticker TRIN.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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