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LONDON (Alliance News) - Oil firm Trinity Exploration & Production PLC said Thursday it swung to a profit in 2017 despite broadly flat production due on the back of higher oil prices.
Trinity, which has a portfolio of assets onshore and offshore Trinidad & Tobago, recorded a pretax profit of USD25.3 million for 2017, compared to a loss of USD9.3 million the prior year, with revenue rising to USD45.2 million from USD35.3 million.
The company was also boosted by an exceptional items gain of USD25.7 million compared to a charge of USD1.7 million in 2016.
Average net production in 2017 was 2,519 barrels of oil per day, down 1% year-on-year, but the average realised oil price for the year increased 23% to USD48.60 a barrel. Brent oil was quoted at USD77.43 on Thursday, its highest level since late 2014.
The increased income has allowed Trinity to strengthen its balance sheet, and as at the end of 2017 it had net cash of USD100,000 compared to net debt of USD38.6 million a year earlier.
Plans for 2018 is to build its base production level to between 2,800 barrels a day and 3,000 barrels a day, with production at the end of March at 2,721 barrels a day.
Executive Chairman Bruce Dingwall said: "2017 was a year that was characterised by the stabilisation of production and the building of well inventory in H1 and a return to production growth in H2.
"Our low-cost production model has underpinned a significant increase in operating profits, affording the company the opportunity to accelerate debt repayment whilst also increasing cash balances. The combination of our strong balance sheet and proven ability to grow production ensures that the company is well placed to realise further value in 2018 and beyond."
Shares were down 3.3% on Thursday at 26.50 pence each.
