Trinity Exploration & Production PLC - an independent exploration and production company focused on Trinidad & Tobago - Interim pretax profit in the first half of 2023 is USD1.1 million, swung from a loss of USD322,000 a year prior. Revenue falls to USD33.8 million from USD48.5 million. However, operating expenses decrease to USD23.4 million from USD35.7 million. Average realised oil price falls 28% to USD65.2 per barrel from USD90.1 a year ago. Average net sales fall to 2,861 barrels of oil per day from 2,974 bopd. Meanwhile, overdraft facility grows 60% to USD8.0 million as at August 25 following upsized credit facility with FirstCaribbean International Bank (Trinidad & Tobago) Ltd, from USD5.0 million before the upsized facility. Company declares inaugural interim dividend of 0.5 pence per share. Looking ahead, Chief Executive Officer Jeremy Bridglalsingh expects further progress and a "very busy and exciting time for Trinity."
Current stock price: 83.50 pence, down 1.8% on Thursday
12-month change: down 31%
By Tom Budszus, Alliance News reporter
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Trinity (TRIN)