Trinity Exploration and Production PLC (LON:TRIN) saw its shares gain on Monday after it released half yearly results which were refreshingly concerned with the group’s ongoing performance rather than the now resolved debt limbo.
In the words of executive chairman, Bruce Dingwall: "Having secured Trinity's future in January, H1 2017 saw a directional change in the organisation's activities with the focus on preparing the company for growing production safely while maintaining financial discipline in order to maximise the returns from our high-quality asset base.”
READ: Trinity Exploration & Production boasts of financial step-change in first half
Following its refinancing, the company has focussed on production growth, and in its results highlighted its strong cash flows and low net debt.
Production for the half year averaged 2,397 barrels of oil per day, compared to 2,612 bopd in the comparative period of 2016, but realised oil prices were notably higher this year, at an average of US$46.30 versus US$32.80.
The company reported earnings of US$5.5mln, up from US$1.5mln, marking a 267% improvement on the first half of last year. It ended the period with US$12mln of cash and US$1.2mln of debt, down from US$34.3mln.
READ: Trinity now has “clear strategic focus” says Bruce Dingwall
Now, Trinity is focussing on projects that will increase production volumes.
“We are undertaking several key infrastructure projects during H2 2017 to underpin further growth,” Dingwall added.
“Combined, these activities provide scope to grow production from current levels to an initial target run-rate of 3,000 bopd in the near future.”
In late afternoon trading, Trinity E&P shares were ahead 8.9%, or 1.0p at 12.25p.
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