AIM-listed Trinity Exploration & Production, the independent E&P company focused on Trinidad and Tobago, has provided an update on operations for the three-month period ended 30 September 2024.
Q3 2024 Operational Highlights
- Q3 2024 sales volumes averaged 2,471 bopd (Q3 2023: 2,705 bopd, Q2 2024: 2,522 bopd).
- Sales volumes declined in the Period due to deferral of some well recompletion and workover activities from Q3 2024 to Q4 2024 on Onshore and East Coast assets. In addition, the Onshore wells were impacted more heavily than anticipated by unplanned power outages leading to well shutdowns. Plans are being implemented to mitigate this going forward.
Average Annual and Quarterly Sales by Region
|
Asset |
12m 2023 bopd |
Q3 2023 bopd |
Q2 2024 bopd |
Q3 2024 bopd |
|
Onshore |
1,495 |
1,493 |
1,303 |
1,295 |
|
East Coast |
943 |
843 |
823 |
793 |
|
West Coast |
353 |
370 |
396 |
383 |
|
Total |
2,790 |
2,705 |
2,522 |
2,471 |
- During Q3 2024:
- 28 workovers were completed (Q3 2023: 37; Q2 2024: 18).
- There was one recompletion in the Period (Q3 2023: nil; Q2 2024: four).
- Swabbing operations continued across Onshore and West Coast assets.
Q3 2024 Financial Highlights
The Group reports its consolidated financial information annually and half yearly, in its Annual Report & Accounts and Interim Results, in accordance with UK adopted International Accounting Standards and the London Stock Exchange's AIM Rules for Companies. Quarterly, the Group provides unaudited information for guidance.
- Average realised oil price of USD 66.9/bbl for Q3 2024 (Q3 2023: USD 72.5/bbl; Q2 2024: USD 73.2/bbl).
- Cash balance of USD 7.2 million (unaudited) at 30 September 2024 versus USD 8.0 million (unaudited) at 30 June 2024 and USD 8.4 million (unaudited) at 30 September 2023.
- The Group had drawn borrowings (overdraft) of USD 2.0 million at 30 September 2024 (USD 3.0 million at 30 June 2024 and USD 2.0 million at 30 September 2023).
Recommended All Cash Offer for Trinity by Lease Operators Limited
On 2 August 2024, the boards of directors of Trinity and Lease Operators announced that they had reached agreement on the terms of a recommended cash acquisition for the entire issued, and to be issued, share capital of Trinity by Lease Operators at a price of 68.05 pence per Trinity Share (the 'Acquisition'), to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the 'Scheme').
On 8 October 2024, Trinity announced that a circular in relation to the Scheme (the 'Scheme Document') setting out, among other things, a letter from the Chairman of Trinity, the full terms and conditions of the Scheme, an explanatory statement pursuant to section 897 of the Companies Act 2006, an expected timetable of principal events, notices of the Court Meeting and General Meeting and details of the actions to be taken by Trinity Shareholders were published on Trinity's website at https://trinityexploration.com/investors/lease-operators-offer/.
Source: Trinity Exploration
