AIM-listed Trinity Exploration & Production TRIN is Trinidad’s leading independent oil and gas business, and London South East have just interviewed the CEO Jeremy Bridglalsing and Non-Executive Chairman Nick Clayton.

Trinity have a Trinidad & Tobago focus and operate both onshore and offshore. They are keen to grow the business from its current stable base producing over 3,000 bpd. TRIN has strong operating cash flows, $19M on the balance sheet and a strong pipeline of near term and mid term growth opportunities.

In fact Chair Nick Claydon was keen to emphasise that that “we don’t hope for a re-rating, I would say that as a board we are very confident that we will see a re-rating. There is a lot going on and the onshore seismic is important because that’s the trigger which allows us to get back to drilling and helps us move the focus to high-angle wells which have better economics”.

Trinity is primarily a cash-generative business explained CEO Jeremy. “We have been focused on converting 1P reserves into cash for the last few years and growing production. We are generating good strong operating cashflow and doing so at good operating breakevens as well [in the vicinity of $27].”

The most mature opportunity is the Galeota Licence 11 kilometres off the East Coast of Trinidad in shallow water. “That field has produced 30 million barrels of oil already and we are looking to go East and do a modern version of that development” said Jeremy. And Nick added: “We are looking for a partner to farm down that asset and share the risk. That’s a process which should take 6-9 months and we are about to appoint a third party to run this process for us”.

The plan with 3D seismic purchased in February is to return to drilling in Q1 of 2022 and to drill high angle and even horizontal wells going forwards. “So some exciting opportunities in Galeota and onshore” says Jeremy.

“The PS-4 acquisition is only a couple of weeks from reaching financial close and being completed. PS-4 sits next to WD5-6 and WD2 assets onshore, our most prolific onshore assets. WD5-6 does 1100 bpd right now. Through workovers, reactivations, recompletions and then by the drill-bit we hope to increase the production materially in a short space of time.”

And the Supplemental Petroleum Tax has moved from 50$ to 75$ for a two year period. “This may have saved as much as $2/3M for H1 only as we would expect to have paid $6/7M per annum” said Jeremy.