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LONDON (Alliance News) - Trinity Exploration & Production on Tuesday said it swung to a loss in its most recent year due to higher petroleum taxes, expenses, and a gain on exceptional items the year before.
Shares in Trinity Exploration were down 2.9% at 14.08 pence per share on Tuesday.
The oil and gas firm, which produces in Trinidad & Tobago, swung to a USD5.4 million loss before tax in 2018 from a USD25.3 million profit in 2017.
Revenue increased 39% to USD62.6 million from USD45.0 million, as average production volumes increased 14% to 2,871 barrels of oil per day from 2,519 barrels per day.
However, the company's operating expenses increased 36% to USD55.9 million from USD41.2 million and its supplemental petroleum taxes rose 71% to USD6.7 million from USD3.9 million.
Moreover, in 2017, the company posted exceptional items credit of USD25.7 million - of which USD15.6 million was a gain under its creditor settlements. In 2018, by contrast, it incurred a USD2.3 million exceptional items charge.
In combination, these factors pushed Trinity Exploration to a loss from a profit.
Trinity Exploration Executive Chair Bruce Dingwall said: "2018 was a significant year for Trinity with the recommencement of onshore drilling activities, continuation of our low-cost work programme and strengthening of our balance sheet. We face the future with a growing confidence, ideally positioned to take advantage of strategic opportunities arising in 2019 for the benefit of all our stakeholders."
In 2019, Trinity Exploration is targeting average production of between 3,000 and 3,300 barrels of oil per day, an increase of up to 15%.
