Trinity Exploration & Production Inc’s (LON:TRIN) is looking to boost production after its financial overhaul at start of the year.
Daily production was 2,542 bopd (2,896 bopd) in 2016 at an average realised price of US$39.4/bbl (US$45.4/bbl).
For the first three months of 2017, daily production averaged c2,500 bopd, which executive chairman Bruce Dingwall said was satisfactory performance given the reduced levels of investment in 2016.
Over the remainder of the year, though, the aim is for production to rise to 2,600 - 2,800 bopd on a net average basis.
Trinity wants a run-rate closer to 3,000 bopd over the next 12 months which will depend on the results of an onshore drilling programme.
In 2016, high quality reservoirs, low natural decline rates and successful low-cost workovers helped maintain production levels, despite the backdrop of reduced investment in 2016, Dingwall said.
In January, Trinity raised US$15mln through an issue of shares (US$11.7mln) and convertible loan notes (US$3.3mln).
Revenues in 2016 were US$35.3mln, underlying profit [EBITDA] US$6.3mln with a loss after tax of US$7mln.
“With some cash back in the tin and limited debt, the company can now stabilise production and look forward to profitable growth,” WH Ireland analyst Brendan Long said in a note.
Shares rose 1% to 15.1p.
Update: adds broker comment