A focus on improving efficiency amid low oil prices will be key for Trinity Exploration (LON:TRIN), it said in an update for the year to end September.
Overall net production for the year was 2,963 boepd but in October the firm said it had sold its onshore Trinidad portfolio to Touchstone Exploration for US$20.8mln.
Following completion of this disposal of the WD-2, WD-5/6, WD-13, WD-14, FZ-2 licences and Block GU-1, it will continue to operate its remaining assets, which have an estimated total 2P reserves of 18.4 MMboe (million barrels of oil equivalent) and saw net production levels of 1,354 boepd over the year.
Trinity said it also has high quality drilling locations across its east and west Coast acreage and continues its work on completing the development plan for the updip development project TGAL, which includes the Galeota Ridge to the north east.
In the west, there is growth potential from the Brighton Marine and Pt. Ligoure, Guapo Marine, Brighton Marine Outer blocks, it said, which could be targeted via more infill drilling, recompletions and greenfield development programmes.
These activities could significantly increase production levels, the firm said.
The group is also carrying out a strategic review and remains in a formal sale process, it noted.