Trinity Exploration & Production PLC (LON:TRIN) told investors it has seen a step-change in its financial performance, delivered during a period of transition.
In an operational update ahead of interim results, due September 25, the company said that it continued the upward trajectory in production into the second half.
Overall, for the six months to June 30 net production averaged 2,397 barrels of oil per day, compared to 2,659 bopd in same period of last year, while realised prices were reported at US$46.4 per barrel up from US$32.8 in the previous year.
The company added that it has had a ‘very robust’ operating netback of US$13.5 per barrel, versus US$3.3 per barrel. Revenue for the period amounted to US$20.1mln, up from US$16.1mln.
The oil firm’s balance sheet was stronger with a US$11.5mln cash balance, up from US$5.1mln.
"Trinity has a clear strategic focus going forward, which is to grow our reserves and production to maximise the cash flow from our core assets while achieving a market value that is more reflective of our underlying assets,” said Bruce Dingwall, Trinity executive chairman.
“This will be delivered through financial discipline, the efficient deployment of capital and by delivering on the potential of our diverse and deep portfolio of low-cost production and development assets.
He added: “I must thank all our staff and stakeholders for their hard work and support through this period of significant operational preparation and activity.”