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(Alliance News) - Trinity Exploration & Production PLC on Tuesday said it increased its revenue but sunk to an interim loss due to a rise in petroleum levies and property taxes in Trinidad & Tobago.
The year-on-year revenue rise of 7.0% to USD32.2 million from USD30.1 million came despite average prices of oil falling by 1.5% to USD59.1 per barrel from USD60.0 per barrel.
In the six months to June 30, Trinity swung to a loss of USD572,000 from a profit of USD10.2 million. Adjusted earnings before interest, taxes, depreciation and amortisation rose by 20% year-on-year to USD11.2 million from USD9.3 million.
Trinity reported that it supplementary petroleum levies, on account of the realised oil price exceeding USD50.0 per barrel throughout the six month period, rose by 21% to USD4.4 million from USD3.7 million. It also paid USD247,000 in property taxes so far in 2019, compared with a USD884,000 relief in the first half of last year.
Depreciation, depletion and amortisation costs amounted to USD5.1 million, up 7.5% from USD4.7 million.
Average net production during the period rose by 8.5% to 3,008 barrels of oil per day from 2,771 barrels in the first half of 2018, Trinity said. Production is expected to rise further in the second half when it resumes onshore drilling.
Executive Chair Bruce Dingwall said: "The first half of the year delivered another strong performance as Trinity continued to increase base production levels whilst controlling costs, deriving further operating efficiencies ahead of the recommencement of our onshore drilling programme.
"Given the strength of our business model, the ongoing work programme and visibility afforded by our balance sheet, we continue to face the future with confidence."
Shares in Trinity were flat at 11.25 pence each in London on Tuesday at midday.
