Trinity Exploration & Production (LON:TRIN) continues to work extremely hard to monetise assets, chief executive Joel ‘Monty’ Pemberton told investors.
A formal sales process (FSP) was launched earlier this year and the possible outcomes include (but are not limited to) a sale or merger of the company and asset sales.
Pemberton, in an AGM statement today, said: "Trinity management continues to work extremely hard, on behalf of stakeholders, to monetise certain assets and re-position the business for value realisation and growth.
“Since the FSP started the board has been engaging with a number of interested parties to progress a number of options to maximise and ensure long term value. Progress to date has underlined management's confidence in the value of the assets.”
He added that, despite lower oil prices, the company is convinced that the hydrocarbon basins of Trinidad and Tobago present outstanding opportunities for an independent exploration and production company to flourish.
Pemberton also highlighted that Trinity reacted quickly to falling oil prices and that the group’s reserves base continues to yield solid production rates.
“The steps Trinity has taken over the past year provides the company with a solid platform from which to move forward. In the first quarter of 2015 all of Trinity's assets generated positive operating cash flow.”
A new draft field development plan for the TGAL project is now nearly complete and a draft plan is also ready for Blocks 1(a&b), which are pending acquisition. Trinity believes these projects could help lift group reserves.