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LONDON (Alliance News) - Trinity Exploration and Production PLC Monday said production will fall further during 2015 despite committing all of its capital and resources into maximising production from its current assets and said it will not look at any new drilling or development opportunities until it secures further funding.
Trinity currently has onshore and offshore producing assets on the east and west coasts of Trinidad and Tobago.
In the fourth quarter ended December 31, the company's net production averaged 3,470 barrels of oil equivalent per day whilst net production for the 2014 full year averaged 3,603 barrels of oil equivalent per day.
Trinity said net production in 2015 will fall further, targeting between 3,000 to 3,400 barrels of oil equivalent per day.
At the end of 2014, Trinity reported a cash balance of USD33 million, receivables of USD23.2 million, debt of USD33 million and payables of USD33.9 million.
"Capital expenditure will be prioritised to maintain and grow production through re-completions and well work-overs before new drilling...We are looking to divest non-core assets at a fair price, and are aggressively husbanding cash," said Trinity.
The company said it will spend around USD2.5 million in capital expenditure during 2015 and will be focused on "minimising declines in base production levels and maintaining operations," and said it will not look at any new drilling or development programmes until further funding can be secured.
"The purpose of this programme is to protect all of the company's assets, whilst maintaining its development programme and ensuring positive operational cashflow at low oil prices," said Trinity.
The company said it has reduced its operating expenditure by 21% to USD25.7 per barrel in 2015 from USD32.4 per barrel in December, and Trinity is targeting to reduce this further throughout the year with the aim of reaching operating expenditure of USD22 per barrel, it said.
"Trinity continues to work closely with partners, contractors and suppliers to aggressively pursue cost efficiencies and effectively manage working capital. Furthermore, approximately USD11.9 million in VAT repayments from the Trinidad Tax Authorities is expected in the first quarter of 2015," said the company.
Trinity shares were up 12% to 21.75 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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