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Trinity posts double-digit production boost thanks to workover projects
Independent oil and gas company Trinity Exploration and Production saw good momentum continue into the final quarter of 2017, delivering further growth in profitable production as the firm made moves to strengthen its balance sheet where possible.
Trinity posted an 11% quarter-on-quarter increase in average production volumes across the group to 2,777 barrels of oil equivalents per day, thanks to continued positive results on its low-cost high-return work programme of recompletions, workovers, reactivations and swabbing.
The Trinidad and Tobago-focussed business completed a total of 20 recompletions and 25 workovers throughout the period, as opposed to 12 and 27 in the preceding quarter.
Trinity, which had $11.7m cash at the end of the calendar year, said with profitable production continuing the group would be aiming to initiate drilling operations during the current quarter with a view to achieving its near-term production target of 3,000 barrels of oil per day during 2018.
Bruce Dingwall, executive chairman of Trinity, said, "We are extremely pleased with the performance during the period and the ongoing progress across our portfolio of assets. We are focussed on further maximising profitability and cash flow while generating increasing returns for shareholders and look forward to further updating the market with unaudited numbers for 2017 in early March."
As of 1200 GMT, shares had nudged forward 0.29% to 17.40p.