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Trinity Exploration & Production PLC - Leeds-based oil exploration company focused on Trinidad & Tobago - Says drilling at first of four low angle wells is in progress at WD-5/6 onshore block. Expects the drilling campaign to increase production "meaningfully" by the end of the first quarter of 2023. In the second quarter of 2022, production volumes averaged 3,093 barrels of oil per day, increased year-on-year from 3,047 bopd. Productions sold averaged 3,019 bopd over the quarter, mostly flat year-on-year from 3,013 bopd. Maintains annual production guidance of between 2,900 to 3,100 bopd, before the drilling programme or acquisitions are included.
"The hallmark of last quarter's performance was continued production stability and stronger operational cash flows due to higher realised oil prices, although the impact of these factors was reduced by hedging costs. We have a clearly defined strategy in place, focused on increasing our cash generation to enable us to fund future growth initiatives and deliver cash returns to shareholders," says Chief Executive Officer Jeremy Bridglalsingh.
Current stock price: 90.80 pence, up 0.9% on Monday
12-month change: down 47%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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