News Column

Trinity Exploration & Production Swings To Profit In 2013

April 30, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - Trinity Exploration & Production PLC Wednesday said it swung to a pretax profit in 2013 on the back of an exceptional profit gain during the period, as well as an increase in revenues.

The oil and gas exploration and production company with operations in Trinidad and Tobago reported a pretax profit of USD48.0 million in 2013, compared with a pretax loss of USD2.7 million in 2012, after it booked a USD28.8 million gain in exceptional items.

Trinity said the exceptional gain was recognised in respect of the reverse acquisition of Bayfield Energy Holdings by its subsidiary Trinity Exploration & Production (UK) Ltd, as the fair value of net assets acquired was in excess of the fair value of consideration exchanged.

Operating revenues in 2013 were USD123.6 million, up from USD77.3 million a year earlier, boosted by an increase in onshore production and revenues generated by the Galeota asset, which it acquired during the year.

Production for 2013 was 1.4 million barrels, with an average production of 3,798 barrels of oil equivalent per day - with 55% sold onshore, 15.7% attributable to the west coast and 29.3% from the east coast.

Operating expenses for the year increased to USD102.2 million from USD61.4 million in 2012, on increased production costs and general and administrative expenses.

Trinity Exploration said it expects 2014 net average production rate to be between 3,800 and 4,500 barrels of oil equivalent per day, with production growth though infill drilling and recompletions.

Earlier this month, the company said that its net production averaged 3,978 barrels of oil equivalent per day in the first-quarter, driven by its onshore production, as it continues to focus on completing the B-9X infill well at the Trintes field.

Shares in Trinity Exploration & Production were up 2.1% at 105.00 pence Wednesday afternoon.

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Source: Alliance News

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