Trinity Exploration reports fall in sales volumes

(Sharecast News) - Trinity Exploration & Production updated the market on progress in its third quarter on Friday, highlighting a decline in sales volumes, which averaged 2,471 barrels of oil per day, down from 2,705 daily barrels in the third quarter of last year, and 2,522 barrels per day in this year's second quarter.

The AIM-traded firm put the drop in volumes down to the deferral of well recompletion and workover activities to the fourth quarter, and unplanned power outages that impacted onshore wells.

During the period, 28 workovers were completed, alongside one well recompletion, while swabbing operations continued on onshore and West Coast assets.

On the financial side, the company achieved an average realised oil price of $66.90 per barrel, lower than $72.50 a year earlier and $73.20 in the second quarter.

As of 30 September, Trinity held a cash balance of $7.2m, down from $8m at the end of June.

The company said it had drawn borrowings of $2m, reduced from $3m at the prior quarter's end.

Trinity also updated the market on the recommended all-cash acquisition offer by Lease Operators, announced on 2 August, at a price of 68.05p per share.

It said a scheme document, detailing the terms of the acquisition, was published on 8 October.

Shareholders were set to vote on the proposal at a court meeting and general meeting, scheduled for 30 October.

At 1106 BST, shares in Trinity Exploration & Production were down 2.46% at 64.38p.

Reporting by Josh White for Sharecast.com.