CHAR RNS13 Jun 2025 07:48
Trinidad and Tobago
Our strategy in Trinidad and Tobago, where we have small onshore production fields, has been twofold: achieve financial breakeven from core assets, and streamline operations / divest assets, so as to release value from them.
In terms of results, total 2024 production from the producing fields was constant (on a like-for-like basis almost identical to 2023 production), and total operating expenses and G&A (general and administrative expenses) was similarly constant. We were thus successful in our desire to operate the business on a generally cashflow breakeven basis. As in previous years, we did record a (relatively small) net operating loss, and we once again reconsidered the carrying value of the Trinidadian licences on our balance sheet, taking a further write-down in the asset values associated with the business.
More significantly, during 2024 we made progress with our desire to extract value from the assets in Trinidad and Tobago. In February 2024 we exited the Bonasse licence, in a way that relieved us of liabilities and commitments, and thereafter we were able to focus effort on finding a monetisation pathway for the remainder of the business. This effort culminated in February 2025, when we reached agreement to sell all of our remaining business, assets and operations in Trinidad and Tobago. As at the date of this report that transaction remains pending regulatory approvals, but we expect it to close by 30 June 2025, at which time we will see the complete exit from Trinidad finalised. This means the entirety of the Trinidad and Tobago business - with all associated income, assets, liabilities, exposures and administrative cost - will thereafter no longer feature in our financial statements.
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