Trinity Exploration & Production PLC (LON:TRIN) now has a clear strategic focus, to grow reserves and production to maximise cash flow, the company highlighted in a statement ahead of today’s annual general meeting.
The Trinidad-focussed company noted that whist production has declined in recent years, from 3,600 barrels per in 2014 to around 2,500 bopd due to a lack of investment, the group’s asset ‘remains intact’ and production growth will be possible with new investment.
“This is in contrast to many oil and gas companies that are reliant on successful exploration, appraisal and or development or M&A activity,” Trinity executive chairman Bruce Dingwall said in a statement.
Dingwall highlighted that Trinity received funding in January to stabilise operations and recommence value extraction, and since then the company has been focussing on essential maintenance and upgrades to infrastructure.
Onshore, the company has a number of programmes including well work-overs, reactivations, and maturation of new drilling opportunities.
Trinity expects to grow production to ‘an eventual target-rate’ of 3,000 bopd within 12 months of the initial drilling programme.
The company also plans work-overs and potentially drilling offshore too.
Dingwall added: “the last few months have been about strengthening the foundation of the company by identifying and working on retaining asset integrity and maturing the pathways for value-creating production growth.”
Trinity will be presenting at the Oil Capital Conference, organised by Proactive Investors on 27 June at the Brewery.