Trinity Exploration & Production (LON:TRIN) told investors its strategic review process is well underway, and it is considering a number options.
Confidential talks are ongoing with potential buyers of the company, through a formal sales process.
The sale of individual assets is also a possibility and so is a merger.
In the meantime the company continues to focus on keeping costs down amid lower crude oil prices.
"Trinity has reacted quickly to continued global commodity price volatility,” chief executive Joel ‘Monty’ Pemberton said in today’s results statement.
“We have reduced the overheads in our business and cut back on discretionary costs, and as a result have seen a substantial fall in our general and administrative and operating costs.”
“Our core producing asset base continues to yield solid production levels with declines being modest against a backdrop of reduced investment.”
Trinity reported average production of 3,603 barrels oil equivalent per day in 2014, compared with 3,798 boepd in the preceding year.
Revenue totalled US$113.5mln for the twelve months, to December 31, down from 123.8mln in the year before. Earnings (EBITDA) came in at US£28.5mln versus US$34.8mln in 2013.
Before exceptional items the company reported a US$12.2mln operating profit.
Those exceptional items amount to US$135.9mln, including a US$92mln impairment for property, plant and equipment and around US$37mln for exploration assets. And subsequently, it equates to an operating loss of US$123.7mln.
Trinity ended the year with a US$33.1mln cash balance, though at the end of the first quarter of the current year it had US$7.3mln (plus US$27.2mln of receivables). The company has benefitted from an agreement with its lenders, which have allowed a moratorium on principle payments until next month (June 15).
Trinity said the operational focus has been on managing the portfolio to optimise production levels, to manage further cost reductions and bring all fields break-even down further.