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Trinity Exploration & Production PLC - Leeds-based oil exploration company focused on Trinidad & Tobago - Reports slightly lower oil production in its first quarter of 2022 ending March 31. Barrels of oil per day in the quarter averages 3,013, down from 3,107 in the first quarter of 2021. Average realisation price soared to USD83.1 per barrel from USD52.3 a year ago.
Due to higher prices, quarterly revenue rises by 52% to USD21.9 million from USD14.4 million in the first quarter of 2021.
Expects an average output between 2,900 and 3,100 barrels of oil per day for 2022, compared to 3,006 in 2021. "The company believes that successful execution of the growth strategy via the planned drilling programme, acquisitions and other initiatives, are likely to significantly enhance production volumes and cash generation in the medium term," Trinity Exploration & Production explains.
Current stock price: 142.74 pence, up 0.5% on Tuesday
12-month change: up 5.7%
By Tom Budszus; tombudszus@alliancenews.com
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