Trinity Exploration & Production AGM Statement (8999Z)
May 23 2019 - 1:00AM
UK Regulatory
TIDMTRIN
RNS Number : 8999Z
Trinity Exploration & Production
23 May 2019
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
AGM Statement
Trinity (AIM: TRIN), the independent E&P company focused on
Trinidad and Tobago, will hold its Annual General meeting today at
10.00am (UK time) at the offices of Pinsent Masons LLP, 30 Crown
Place, Earl Street, London EC2A 4ES. Immediately following the AGM
a brief presentation will be given to shareholders by Executive
Chairman, Bruce Dingwall. No material new information will be made
public and the presentation will be made available on the Company's
website at www.trinityexploration.com.
At the meeting Trinity's Executive Chairman, Bruce Dingwall,
will make the following statement:
"Since last year's AGM Trinity has taken the necessary steps to
ensure that strong foundations are in place for continued growth
while also setting a path for game-changing longer-term
development.
"Last year saw the Company become debt free and recommence our
onshore drilling campaign with eight development wells successfully
completed and put on production. Furthermore, the wider opportunity
set has expanded with the restructuring of the National Oil
Company, Petrotrin (now Heritage) providing additional growth
opportunities for the Company in the region. To that end, we are
working closely with Heritage, negotiating new licencing models
whilst also focusing on several potential joint venture
opportunities.
"Following the 2017 restructuring, our first priority was to
ensure operational stability and so our initial focus was on low
cost recompletions and workovers. During 2018 we raised capital
allowing us to become debt free and to fully fund onshore drilling
activities - and have already seen the initial benefits as we
exited 2018 with production in excess of 3,000 bopd and a cash plus
working capital surplus of approximately $18 million. Last year's
strong operating performance resulted in increased production and
growing revenues, reserves, EBITDA and margins underpinned by tight
cost controls. Importantly, we expect to maintain this momentum in
the coming years.
"In the near-term we will update shareholders as we commence our
2019 onshore drilling campaign of up to eight new wells early in
the second half of the year. Crucially, this will include our first
high-angled well which could potentially lead to a significant
increase in initial production rates and returns in the short to
medium term.
"We are also continuing to work up the significant medium term
offshore opportunity at TGAL while also exploring a number of
innovative workplans that would further differentiate our model by
utilising new technologies. Having proven and funded our near-term
growth cycle, given our strong capital position, asset and reserves
base we believe we are extremely well placed to respond to the
additional opportunities opening up in Trinidad and to generate
attractive returns for shareholders. As a Board and Management team
we hold 23% of the equity and remain highly focused on delivering
for all shareholders over the short, medium and longer term.
"On behalf of the Board, I must thank all our staff and
suppliers in T&T for their diligence, commitment and support
which has allowed Trinity to focus on growth whilst maintaining a
safe working environment. The Board would additionally like to take
this opportunity to thank existing shareholders and other
stakeholders, notably Petrotrin, Heritage, BIR, and the MEEI, for
their support and to welcome new shareholders as we move forward
with a strong balance sheet and well placed to add value from the
opportunities arising in the changing environment in T&T."
Enquiries
For further information please visit www.trinityexploration.com
or contact:
Trinity Exploration & Production plc +44 (0)131 240 3860
Bruce Dingwall CBE, Executive Chairman
Jeremy Bridglalsingh, Chief Financial Officer
Tracy Mackenzie, Corporate Development
Manager
SPARK Advisory Partners Limited (Nominated
Adviser and Financial Adviser) +44 (0)20 3368 3550
Mark Brady
Miriam Greenwood
Andrew Emmott
Cenkos Securities PLC (Broker)
Joe Nally (Corporate Broking)
Neil McDonald
Beth McKiernan
Derrick Lee +44 (0)20 7397 8900
Pete Lynch +44 (0)131 220 6939
Whitman Howard Limited (Equity Adviser) +44 (0)20 7659 1234
Nick Lovering
Hugh Rich
Walbrook PR Limited +44 (0)20 7933 8780
Nick Rome trinityexploration@walbrookpr.com
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 2018 was 24.5 mmbbls.
Group 2C contingent resources are estimated to be 18.8 mmbbls. The
Group's overall 2P plus 2C volumes are therefore 43.3 mmbbls.
Trinity is quoted on the AIM market of the London Stock Exchange
under the ticker TRIN.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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