(Alliance News) - Trinity Exploration & Production PLC on Monday said its recoverable reserves and resource base had declined following a revision of estimates.
Trinity Exploration shares were down 13% to 37.00 pence each in London on Monday.
The Trinidad & Tobago-focused oil exploration and production company reported a 23% reduction in combined reserves and resources at the end of 2023.
Combined reserves and resources fell to 51.6 million stock tank barrels from 66.8 mmstb the year before.
Net 2P reserves of oil and gas fell 28% to 12.9 mmstb from 18.0 mmstb at the end of 2022. Meanwhile, net 2C resources fell 21% to 38.7 mmstb from 48.9 mmstb.
Chief Executive Officer Jeremy Bridglalsingh said: "2023 witnessed a reduction in our reported reserves and resources base. This was due to a number of factors, primarily the reclassification of uneconomic wells."
In particular, the reduction in 2C resources was primarily attributable to the Galeota offshore project, Trinity said. Following the latest interpretation of data, the company revised its estimates of the sites potential to 27.5 mmstb from 35.8 mmstb.
By Elijah Dale, Alliance News reporter
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Trinity (TRIN)