LONDON (Alliance News) - Trinity Exploration & Production PLC on Monday said the outlook for the firm is strong, with higher output and prices boosting interim figures.
Revenue for the six months to June was USD30.1 million, 49% higher year-on-year, while adjusted earnings before interest, taxes, depreciation, and amortisation grew 58% to USD9.3 million - the company is making 37% more per barrel of oil than it did a year before.
Pretax profit fell, however, to USD10.2 million from USD25.9 million, due to higher production and general costs, increased petroleum taxes, and a doubling in royalty payments.
Trinity, which focuses on Trinidad & Tobago, grew its output by 16% to 2,771 barrels of oil a day while the average oil price over the period rose 30% year-on-year to USD60.0 a barrel.
The company is well funded, following a cash raise post the end of the period, while it is also debt free.
Trinity has eight to 10 wells planned for drilling a year, and it has the money to cover this, and another aim for the firm is to maintain double-digit annual production growth.
Shares were 6.4% lower on Monday at a price of 19.18 pence each.