Trinity Regulatory News (TRIN)

RNS ANNOUNCEMENT: This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.

Trinity Exploration & Production plc

("Trinity" or "the Group" or "the Company")

AGM Statement and Investor Presentation

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, will hold its Annual General Meeting ("AGM") today at 11.00 outside the offices of Pinsent Masons LLP, Princes Exchange, 1 Earl Grey Street, Edinburgh EH3 9AQ.

Investor Presentation

Following the AGM, the Company will be hosting a brief presentation and Q&A through the digital platform Investor Meet Company at 14.00 today.

Investors can sign up to Investor Meet Company for free and add to meet Trinity via the following link https://www.investormeetcompany.com/trinity-exploration-production-plc/register-investor.

The presentation, hosted by Executive Chairman Bruce Dingwall and Managing Director Jeremy Bridglalsingh, will be followed by an opportunity for a Q&A session. No material new information will be made public and the presentation will be made available on the Company's website at www.trinityexploration.com.

At the AGM, Trinity's Executive Chairman, Bruce Dingwall, will make the following statement:

"2020 was not without its difficulties with the COVID pandemic and oil price disruption impacting all operators. Despite this challenging backdrop, and with our primary focus on employee safety, the Company produced another strong set of results. We are now one of the lowest cost operators in the region with the quality of our assets and the outstanding efforts of our team ensuring that we were able to both generate free cash flow and create a broader platform for growth during a difficult period.

"During 2020 we grew our year-end cash balance by 46% to US$20.2 million, reduced our operating break-even by 24% to US$20.1/bbl, with average production volumes growing in aggregate by 7.3% to 3,226 bopd despite no new drilling. Importantly, looking forward, we also entered into a number of exciting partnerships with a view to creating a strategic framework to meaningfully scale the business.

"We have a clearly defined vision for the next stage of our expansion, targeting significant profitable growth in production both organically and inorganically. Our growth opportunity set now includes increased automation utilising 3D seismic data for the first time in our onshore assets, advancing our Galeota asset development (our offshore East Coast acreage), growing our portfolio via new bid processes (Jubilee and the North West District ("NWD") onshore exploration opportunities) and further progressing a number of options within transition fuels and renewables. We have been extremely busy post period end, establishing a partnership with the University of the West Indies ("UWI"), acquiring the onshore PS-4 Block (completion pending), submitting the Field Development Plan for Galeota as well as being short-listed for the Jubilee and NWD bid processes. In addition, we have renewed our onshore licences for a further 10 years, double the previous tenure, enabling us to plan for the long term. Our prudent approach to financial management has also continued through 2021 with an active hedging programme being implemented which is designed to offer layered oil price protection whilst retaining upside exposure over the majority of our production.

"Trinidad's energy sector continues to evolve positively and we were supportive of the initial Supplemental Petroleum Tax ("SPT") reform announced earlier this year. As a result, Trinity expects to be exempt from SPT across all of its onshore licences below an average realised price of US$75 per barrel (on a quarterly basis), which will have a significant positive impact on future cash flows. We continue to lobby for wider reforms, which would further stimulate investment in the country. Recent statements by the Minister of Energy and Energy Industries further validate that sentiment and the need for Government to work creatively with Industry to deliver an attractive operating environment for all stakeholders.

"With a view to delivering on environmental engagement we continue to develop our ESG strategy focusing principally on reducing emissions and minimising risk to the environment, highlighted by our growing focus on automation and digitalisation, on new energy projects and the pursuit of lower carbon micro LNG production and supply.

"In December 2020, Trinity signed a Memorandum of Understanding ("MOU") with the National Gas Company of Trinidad and Tobago ("NGC") to partner on renewable energy projects. In May 2021, another renewable energy MOU was signed with the UWI. On the strength of these partnerships, Trinity and the UWI have embarked on a renewable energy feasibility study in the Galeota area. This study will involve performing wind and solar energy assessments at selected sites to guide the design recommendations for potentially powering the Galeota asset development.

"We expect our focus on meaningfully scaling the business and developing low carbon initiatives with a superior return profile will, in time, make the Company more appealing to a wider shareholder base. As we develop our register, we will also continue to work towards returning value to shareholders, when it is appropriate to do so, through dividends and/or share buybacks, both of which will be facilitated by our proposed capital reduction. Furthermore, the share consolidation (to reduce the number of shares in issue), whilst having no immediate impact on the total value of investors' holdings, will potentially make our shares more attractive to a wider audience, helping to reduce the bid offer spread and thus having a beneficial knock on effect on liquidity.

"Finally, I would like to place on record our thanks to all our shareholders, staff and suppliers for their unstinting support to the Company during these challenging times. We have a very exciting future ahead and believe that we are very well placed to deliver scale and value."

Enquiries

For further information please visit www.trinityexploration.com or contact:

About Trinity (www.trinityexploration.com)

Trinity is an independent production company focused solely on Trinidad and Tobago. Trinity operates producing and development assets both onshore and offshore, in the shallow water West and East Coasts of Trinidad. Trinity's portfolio includes current production, significant near-term production growth opportunities from low risk developments and multiple exploration prospects with the potential to deliver meaningful reserves/resources growth. The Company operates all of its nine licences and, across all of the Group's assets, management's estimate of 2P reserves as at the end of 2020 was 19.55 mmbbls. Group 2C contingent resources are estimated to be 23.25 mmbbls. The Group's overall 2P plus 2C volumes are therefore 42.80 mmbbls.

Trinity is quoted on the AIM market of the London Stock Exchange under the ticker TRIN.