LONDON (ShareCast) - (Sharecast News) - Trinidad and Tobago-focussed exploration and production company Trinity Exploration & Production updated the market on its operations for the three months ended 30 June on Tuesday, reporting that production volumes over the quarter were successfully maintained across its assets at an average of 2,996 barrels of oil per day, in line with expectations.
The AIM-traded firm said production was expected to rise in the second half of the year, with the resumption of onshore drilling.

Drilling of the first new infill well of the 2019 campaign was expected to start at the WD-2 asset on 18 July, with the board explaining that the first phase of the campaign, which was currently expected to comprise up to eight new wells, would also include the first high angle well (HAW), FR 996.

During the period, the company said it continued to control its operating costs and capital expenditures "carefully".

As a result, its unaudited cash balances increased to $17.8m as at 30 June, up from $12.3m at the end of the first quarter.

On the operational front, Trinity said it saw an 8.6% increase in year-on-year group production for the first half, with average production of 3,008 barrels of oil per day.

It said that, contingent on the prevailing oil price environment and subsequent investment, net average production for 2019 was expected to be in the range of 3,000 to 3,300 barrels of oil per day, consistent with the guidance it issued at the time of the 2018 final results.

"Our strong balance sheet and robust base production mean that we are delivering our financial and production targets, and at the same time, ensuring that we can take advantage of any strategic opportunities that may arise," said Trinity Exploration executive chairman Bruce Dingwall.

"We remain focused on maximising output and returns for shareholders and continue to evaluate the best ways of protecting and enhancing those returns through prudent treasury management, industry leading operating practices and technical innovation.

"Given the strength of our business model, the ongoing work programme and visibility afforded by our balance sheet, we continue to face the future with confidence."

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