TIDMTRIN
RNS Number : 9162N
Trinity Exploration & Production
28 September 2023
This announcement contains inside information as stipulated
under the UK version of the Market Abuse
Regulation No 596/2014 which is part of English Law by virtue of
the European (Withdrawal) Act 2018, as
amended. On publication of this announcement via a Regulatory
Information Service, this information is
in the public domain.
28 September 2023
Trinity Exploration & Production plc
("Trinity" or "the Company" or "the Group")
Interim Results
Resilient base business supporting transformation catalysts
Trinity Exploration & Production plc (AIM: TRIN) , the
independent E&P company focused on Trinidad and Tobago
("T&T"), announces its unaudited interim results for the
six-month period ended 30 June 2023 ("H1 2023" or "the
Period").
Strategic Highlights
-- Jacobin-1 was confirmed as an oil discovery on 7 August 2023.
Subsequently, the Well Services Limited Rig 60 drilling rig rigged
down and a heavy-duty workover rig, Rigtech Rig # 9 , mobilised to
the wellsite to run the completion, perforate and tie the well into
production facilities. Final testing of equipment is currently in
progress and initial production is anticipated within days. Oil
produced will immediately be sold to the state oil company,
Heritage .
-- Trinity was successful in its bid for the onshore Buenos
Ayres block, further leveraging our competitive advantage in the
Palo Seco area, onshore Trinidad subject to receiving the licence
from the Ministry of Energy.
-- The Company is progressing, with Petrofac, a Concept
Screening study for the development of further reserves and
resources in its Galeota Block. Initial findings from Petrofac's
study are encouraging. These concepts are now being economically
assessed and ranked and, together with development studies on the
existing Trintes field, will form part of an integrated approach to
unlock further value from Trinity's East Coast Asset.
-- Gas sampling and analyses that will underpin the Company's
evaluation of its Scope 1 emissions was completed during the
period. In H2 2023 analysis of gas rate quantification will be
undertaken to enable the Company to quantify its Scope 1 emissions
by the end of the year.
H1 2023 Operational Highlights
H1 2023 saw production levels broadly maintained against H1 2022
with a programme of recompletions and workovers.
-- H1 2023 average net sales volume was 2,861 bopd (H1 2022: 2,974 bopd).
Sales volumes were supported by three recompletions ("RCPs") (H1
2022: 11) and 6 2 workovers and reactivations ("WOs") (H1 2022: 61)
undertaken during the Period including 7 workovers started at the
end of 2022 completed in 2023, with swabbing continuing across the
onshore and West Coast assets. Four additional RCPs are being
worked up for execution in H2 2023.
-- The ABM-151 well in the Brighton Marine block, offshore the
West Coast of Trinidad, was returned to production on 21 March 2023
following an extensive refurbishment of surface facilities and the
installation of remote surveillance technology. Between restart and
the end of the period the well flowed at an average rate of 175
bopd. The well produced on average 130 bopd during H1 2023 and
Trinity continues to monitor the well closely.
H1 2023 Financial Highlights
-- Average oil price realisation of USD 65.2/bbl for H1 2023 (H1
2022: USD 90.1/bbl). During the Period, the realised price that the
Company received for Onshore and West Coast oil sales was an
average discount of 20.6% to Brent; wider than the standard
discount of approximately 15%. East Coast oil sales are made under
a fixed arrangement that is a 15% discount to Brent.
The Company remains unhedged.
-- Cash balance of USD 11.3 million as at 30 June 2023 (YE 2022:
USD 12.1 million) reflecting a combination of strong operating cash
generation, no hedging or hedging losses incurred and limited
investment in capex, including only the initial cost to support the
drilling of Jacobin-1. The Jacobin-1 drilling and completion costs
are anticipated to exceed initial estimates due to additional
drilling days as a result of drilling challenges encountered and
additional testing and data acquisition scope than originally
considered. While the impact of the increased well costs will
result in lower than anticipated cash balances, we remain on track
to continue to invest in our growth options and commence our maiden
interim dividend.
-- Strong net cashflows generated from operating activities as
at H1 2023 USD 6.3 million (H1 2022: USD 2.9 million).
-- Revenues were reduced 30% to USD 33.8 million (H1 2022: USD
48.5 million) driven by lower oil prices and, to a lesser extent,
lower volumes.
-- Cash operating costs of USD 20.1/bbl (H1 2022: USD 17.6/bbl)
driven by supply chain increases, increased maintenance activities
across the assets, including supporting labour to complete these
activities, and the overall impact of lower sales production (2,861
in H1 2023 vs 2,974 in H1 2022) contributed to the higher cash
operating costs (per bbl) in H1 2023 vs H1 2022 . This excludes the
initial cost incurred on the Trintes Bravo fire incident in H1 2023
of USD 0.1 million. Remediation work is expected to continue into
H2 2023.
-- General and administrative costs of USD 6.3/bbl (H1 2022: USD
6.6/bbl) mainly due to lower consultancy fees incurred and levies
driven by lower oil prices.
-- Average operating break-even for H1 2023 was moderately
increased at USD 34.5/bbl (unaudited) (H1 2022: USD 32.4/bbl)
resulting from a higher operating cost and slightly lower sales
volume .
-- The Group had drawn borrowings (overdraft) of USD 2.0 million
at 30 June 2023 (YE 2022: USD 2.7 million).
Corporate Highlights
Inaugural Dividend
As announced in the Company's 2022 Full Year Results on 1 June
2023, the Group will pay its first interim dividend of 0.5 pence
per ordinary share to be paid on 26 October 2023 to all
shareholders on the register on 6 October 2023 (the "Record
Date").
The Dividend will be paid by electronic transfer. The Company's
Registrar will provide an option for non-UK shareholders to receive
payments in another currency.
Increased Overdraft Facility from USD 5.0 million to USD 8.0
million
Trinity agreed to an upsized credit facility with FirstCaribbean
International Bank (Trinidad & Tobago) Limited ("CIBC
FirstCaribbean") on 25 August 2023, providing for an increase of
the facility from USD 5 million to USD 8 million.
The increased facility will provide Trinity with the flexibility
to follow-up on the play-opening Jacobin-1 well, targeting further
onshore activity and to progress development planning for the
Company's material Galeota East Coast offshore asset.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity,
commented:
"The first six months of 2023 saw Trinity progressing important
catalysts within our refreshed strategy.
First, our Jacobin-1 well successfully intersected multiple
oil-bearing sands. Success with Jacobin increases our confidence in
the portfolio of Hummingbird prospects that forms a cornerstone of
our revitalised onshore strategy.
Second, in June we were successful in our bid for the Buenos
Ayres block which lies immediately to the west of our existing Palo
Seco licences. We have started the acquisition of the Buenos Ayres
EIA ahead of the formal award of the licence to progress this
strategic option with pace.
Third, we appointed Petrofac to undertake a Concept Screening
study for the development of further reserves and resources on our
Galeota East Coast asset, using a low cost, more flexible approach
than originally envisaged.
Lastly, our maiden interim dividend will be paid in October,
representing an important aspect of our capital allocation policy
that was designed to provide our shareholders with a cash return,
in addition to the growth options currently being pursued.
I look forward to continuing to update shareholders on our
further progress at a very busy and exciting time for Trinity
".
Enquiries
Trinity Exploration & Production Via Vigo Consulting
Jeremy Bridglalsingh, Chief Executive
Officer
Julian Kennedy, Chief Financial Officer
Nick Clayton, Non-Executive Chairman
SPARK Advisory Partners Limited (Nominated
Adviser & Financial Adviser)
Mark Brady
James Keeshan +44 (0)20 3368 3550
Cavendish Securities plc (Broker)
Leif Powis (Corporate Broking) +44 (0)20 7397 8900
Neil McDonald +44 (0)131 220 6939
Vigo Consulting Limited t rinity @vigoconsulting.com
Finlay Thomson/Patrick d' Ancona +44 (0)20 739 0 0230
About Trinity ( www.trinityexploration.com )
Trinity is an independent oil production company focused solely
on Trinidad and Tobago. Trinity operates producing and development
assets both onshore and offshore, in the shallow water West and
East Coasts of Trinidad. Trinity's portfolio includes current
production, significant near-term production growth opportunities
from low-risk developments and multiple exploration prospects with
the potential to deliver meaningful reserves/resources growth. The
Company operates all of its ten licences and, across all of the
Group's assets, management's estimate of the Group's 2P reserves as
at the end of 2022 was 17.96 mmbbls. Group 2C contingent resources
are estimated to be 48.88 mmbbls. The Group's overall 2P plus 2C
volumes are therefore 66.84 mmbbls.
Trinity is quoted on AIM, a market operated and regulated by the
London Stock Exchange Plc, under the ticker TRIN.
Qualified Person's Statement
The technical information contained in the announcement has been
reviewed and approved by Mark Kingsley, Trinity's Chief Operating
Officer. Mark Kingsley (BSc (Hons) Chemical Engineering, Birmingham
University) has over 35 years of experience in international oil
and gas exploration, development and production and is a Chartered
Engineer.
Disclaimer
This document contains certain forward-looking statements that
are subject to the usual risk factors and uncertainties associated
with the oil exploration and production business. Whilst the Group
believes the expectation reflected herein to be reasonable in light
of the information available to it at this time, the actual outcome
may be materially different owing to macroeconomic factors either
beyond the Group's control or otherwise within the Group's
control.
Summary of 2023 half-year performance
OPERATIONAL REVIEW
The Group achieved net sales of 2,861 bopd in H1 2023 (H1 2022:
2,974 bopd). Investment into production related activities such as
RCPs, workovers and swabbing, together with the already automated
wells enabled the Company to maintain a half year production rate
broadly in line with H1 2022.
Annual and Half Year Sales by Region
12m 2022 H1 2022 H2 2022 H1 2023
Onshore 1,655 1,688 1,623 1,512
East Coast 1,051 1,037 1,065 1,011
West Coast 269 249 288 338
Total 2,975 2,974 2,976 2,861
Onshore operations
-- H1 2023 average net sales were 1,512 bopd, a 10.4% decrease
on 2022 (H1 2022 1,688 bopd). This movement i s attributed to
expected natural decline coupled with deferral in volumes due to an
unplanned electrical interruption, which caused temporary shut in
for certain key wells in Q2 2023. Trinity continues to progress its
automation initiative to minimise the effects of electrical
shutdowns. A total of 54 WOs and reactivations were completed in H1
2023 (H1 2022: 43) in conjunction with 3 RCPs completed in H1 2023
(H1 2022: 11).
The H2 2023 work programme involves the progression of 4 RCPs
and ongoing base management via WOs, reactivations and swabbing
across all onshore fields.
East Coast operations
-- H1 2023 average net sales was 1,011 bopd (H1 2022: 1,037
bopd) an 2.5% decrease. The decrease in sales levels was as a
result of a combination of the impact of the Trintes Bravo
generator fire, mechanical failures of downhole pumps requiring
workovers, and delays to planned remedial platform topside work
which impacted the timing of returning the wells to production. A
total of 7 WOs were undertaken during H1 2023 (H1 2022: 13
WOs).
H2 2023 work programme will include routine WOs and
reactivations.
West Coast operations
-- H1 2023 average net sales were 338 bopd (H1 2022: 249 bopd).
The 35.7% increase in sales was the result of the successful
reactivation of ABM-151 and the continued stabilization of swabbing
production and stabilisation of the field's production. There was 1
WO conducted during this period (H1 2022: three WOs), and the
reactivation of ABM-151 produced at an average rate of 130 bopd
over the entire period.
H2 2023 work programme is expected to include continued
stabilisation of ABM-151, ongoing base management via WOs, and
swabbing operations.
H1 2023 Key Performance Indicators
The Group was profitable in H1 2023 under Alternative
Performance Measures ("APM") and IFRS basis. Lower oil price
realisations and relatively stable net sales volumes resulted in a
30% decrease in Revenues to USD 33.8 million (H1 2022: USD 48.5
million) and a 19% decrease in Adjusted EBITDA Note 20 in the
financial statements to USD 10.4 million (H1 2022: USD 12.8
million). The Period-end cash balance was USD 11.3 million (H1
2022: USD 15.0 million) marginally lower from the opening position
at the start of the period of $12.1 million. A summary of the
period-on-period operational and financial highlights are set out
below:
H1 2023 H1 2022 Change
%
Average realised oil price(1) USD/bbl 65.2 90.1 (28)
Average net sales(2) bopd 2,861 2,974 (4)
Revenues USD million 33.8 48.5 (30)
Cash balance USD million 11.3 15.0 (25)
IFRS Results
Operating Profit before SPT USD million 5.8 5.4 8
Total Comprehensive Income/(loss) USD million 0.7 (0.7) 197
Earnings per share - diluted USD cents 1.7 (0.9) 291
APM Results ( APM measures exclude non-cash items)
Adjusted EBITDA(3) USD million 10.4 12.8 (19)
Adjusted EBITDA(4) USD/bbl 20.1 23.7 (15)
Adjusted EBITDA margin(5) % 30.8 26.3 17
Adjusted EBIDA after Current
Taxes(6) USD million 6.7 4.8 40
Adj. EBIDA after Current Taxes
per share - diluted US cents 16.9 11.4 48
Consolidated operating break-even
(7) USD/bbl 34.5 32.4 6
Net cash plus working capital
surplus(8) USD million 10.9 18.6 (41)
Notes:
1. Realised price: Actual price received for crude oil sales per barrel ("bbl").
2. Average net sales: This refers to average sales attributable
to Trinity per day for all operations; lease operatorships,
farm-out operations and joint ventures.
3. Adjusted EBITDA: Operating Profit before Taxes for the
period, adjusted for Depreciation, Depletion & Amortisation
("DD&A") and other non-cash expenses, namely Share Option
Expenses, Impairment of Financial Assets, FX Gains/Losses and Fair
Value Gains/Losses on Derivative financial instruments. Adjusted
EBITDA for 2021 updated to include Covid-19 Expense
4. Adjusted EBITDA (USD/bbl): Adjusted EBITDA/sales volume over the Period.
5. Adjusted EBITDA Margin (%): Adjusted EBITDA/Revenues.
6. Adjusted EBIDA after Current Taxes: Adjusted EBITDA less
Supplemental Petroleum Taxes ("SPT"), Petroleum Profits Tax ("PPT")
and Unemployment Levy ("UL").
7. Group operating break-even: The realised price/bbl where the
Adjusted EBITDA/bbl for the Group is equal to zero.
8. Net cash plus working capital surplus: Current Assets less
Current Liabilities (other than Derivative financial asset /
liability and Provision for other liabilities).
FINANCIAL REVIEW
Income Statement Analysis
H1 2023 H1 2022 Change
Production
Average realised oil price (USD/bbl) 65.2 90.1 (25)
Average net Sales (bopd) 2,861 2,974 (113)
Statement of Comprehensive Income USD'000 USD'000 USD'000
Operating revenues 33,754 48,515 (14,761)
Operating expenses (including realised
Derivative expense and Covid-19 costs
but excluding Non-cash items and SPT) (23,367) (35,712) 12,345
--------------------------------------------- --------- --------- ---------
Operating profit before Non-cash items
and SPT 10,387 12,803 (2,416)
DD&A (4,472) (3,884) (588)
Other Non-Cash Items (87) (3,568) 3,481
--------------------------------------------- --------- --------- ---------
Operating profit before SPT 5,828 5,351 477
SPT (3,247) (5,049) 1,802
Operating profit before exceptional
items 2,581 302 2,279
Exceptional items (371) - (371)
--------------------------------------------- --------- --------- ---------
Operating Profit after Exceptional
items 2,210 302 1,908
Finance income 25 24 1
Finance cost (1,124) (648) (476)
--------------------------------------------- --------- --------- ---------
Profit/(Loss) Before Taxation 1,111 (322) 1,433
Income Taxation expense (428) (76) (352)
--------------------------------------------- --------- --------- ---------
Profit/(Loss) After Taxation 683 (398) 1,081
Total Comprehensive Income/(Loss) for
the period
Exchange differences on translation
of foreign operations (6) (324) 318
--------------------------------------------- --------- --------- ---------
Total Comprehensive Income/(Loss) 677 (722) 1,399
Operating Revenues
Operating revenues of USD 33.8 million (H1 2022: USD 48.5
million) decreased due to lower realised oil prices and marginally
declining production volumes sold in the Period .
Operating expenses (excluding Non-cash items)
Operating expenses (excluding non-cash items) of USD (23.4)
million (H1 2022: USD (35.7) million) comprised:
-- Royalties of USD (9.7) million (H1 2022: USD (16.2) million),
mainly due to lower average oil prices and marginal decrease in
sales volume.
-- Production costs ("Opex") of USD (10.4) million (H1 2022: USD
(9.5) million), increased driven by supply chain increases,
increased repairs and maintenance activities across the Group's
assets including supporting labour to complete these
activities.
-- G&A expenditure of USD (3.3) million (H1 2022: USD (3.6)
million), mainly due to lower consultancy fees incurred and levies
driven by lower oil prices.
-- Realised derivative expense of nil. The Group is unhedged,
all hedging instruments expired on 31 December 2022 (H1 2022: (6.0)
million on account of effective hedging instruments during that
period and high oil prices).
-- COVID-19 related costs nil (H1 2022: USD (0.4) million).
Non-cash operating expenses
Non-cash operating expenses comprised:
-- Depreciation, Depletion and Amortisation ("DD&A") charges
of USD (4.5) million (H1 2022: USD (3.9) million).
-- Unrealised derivative (expenses)/income nil (H1 2022: USD
(3.2) million comprising the movement in the fair valuation of
effective crude oil derivatives during the period). There are no
hedging instruments effective for 2023.
-- Share option expense USD (0.3) million (H1 2022: USD (0.3) million).
-- Foreign exchange gain USD 0.1 million (H1 2022: USD 0.0 million).
Operating Profit Before Supplemental Petroleum Taxes ("SPT")
The operating profit before SPT for the Period amounted to USD
5.8 million (H1 2022: USD 5.4 million). The increase is mainly due
to a combination of lower revenues, no derivative expenses in 2023,
lower taxes and levies due to lower oil prices in 2023 and
effective cost management.
SPT
The Group incurred SPT charges in relation to its offshore
assets in H1 2023 of USD (3.3) million (H1 2022: (5.0) million), on
account of the realised oil price being higher than USD 50.0/bbl
throughout the Period. The onshore assets did not incur any SPT
liability as the realised price was below the SPT threshold of USD
75.0/bbl and there is an amount of unused Investment Tax Credit
("ITC") of USD 1.8 million which will be carried forward for future
use, limited to a one-year period. SPT is classified as "operating
expenses" rather than "income taxation" under IFRS.
Exceptional items
Exceptional items charge of USD (0.4) million (H1 2022: USD
(0.0) million) relates to:
-- USD (0.3) million incidental one-off costs due to the Cyber
incident which occurred in December 2022.
-- USD (0.1) million costs were incurred in the Period due to
the Trintes Bravo fire incident which occurred in H1 2023.
Net Finance Cost
Net finance costs for the period of USD (1.1) million (H1 2022:
USD (0.6) million), comprising:
-- Unwinding of the discount on the decommissioning provision of
USD (1.1) million (H1 2022: USD (0.6) million) mainly due to the
increase in the decommission provision from H1 2022.
Income Taxation
Taxation charge for the period was USD (0.4) million (H1 2022:
USD (0.1) million), comprising:
-- Petroleum Profits Tax ("PPT") of USD (0.3) million (H1 2022: USD (2.1) million).
-- Unemployment Levy ("UL") of USD (0.1) million (H1 2022: (0.8) million).
-- Deferred tax assets of nil (H1 2022: USD 2.8 million credit), refer to note 16.
As at 30 June 2023, the Group had unrecognised tax losses of USD
199.3 million (H1 2022: 207.4 million) which have no expiry
date.
Total Comprehensive Income/(Loss)
Total Comprehensive Income for the Period was USD 0.7 million
(H1 2022: USD (0.7) million loss).
Cash Flow Analysis
Opening Cash Balance
Trinity began the year with an initial cash balance of USD 12.1
million (2022: USD 18.3 million).
Summary of Statement of Cash Flows
H1 2023 H1 2022
USD'000 USD'000
Opening cash balance 12,131 18,312
------------------------------------------- -------- --------
Cash movement
Cash inflow from operating activities 6,769 7,713
Changes in working capital (37) (1,922)
Income taxation paid (475) (2,882)
------------------------------------------- -------- --------
Net cash inflow from operating activities 6,257 2,909
Net cash outflow from investing activities (5,576) (5,707)
Net cash outflow from financing activities (1,603) (331)
------------------------------------------- -------- --------
Decrease in cash and cash equivalents (922) (3,129)
Effects of foreign exchange rates on
cash 92 (233)
------------------------------------------- -------- --------
Closing cash balance 11,301 14,950
=========================================== ======== ========
Net cash inflow from operating activities
Net cash inflow from operating activities was USD 6.3 million
(H1 2022: USD 2.9 million):
-- Operating activities for H1 2023 generated an operating cash
flow before changes in working capital and income taxes of USD 6.8
million (H1 2022: USD 7.7 million).
-- Changes in working capital resulted in a net decrease of USD
0.0 million (H1 2022: net decrease of USD (1.9) million).
-- Income Taxation - PPT and UL paid USD (0.5) million (H1 2022:
USD (2.9) million) resulting from lower taxable profits resulting
from lower oil price.
Cash outflow from investing activities
Investing cash outflows for H1 2023 was USD (5.6) million (H1
2022: USD (5.7) million) which included infrastructure investments
across Trinity's assets, production capex including RCPs in H1
2023, ABM-151 reactivation, drilling planning and long lead
investment for Jacobin-1 exploration well, subsurface capex and
exploration and evaluation capex.
Net cash outflow from financing activities
The financing cash outflow for H1 2023 was USD (1.6) million,
comprising USD (0.7) million repayment of bank overdraft, USD (0.3)
million cash payment on leases and USD (0.6) million in purchase of
treasury shares.
Closing Cash Balance
Trinity's cash balance at 30 June 2023 was USD 11.3 million (31
December 2022: USD 12.1 million).
Statement of Financial Position Analysis
H1 2023 YE 2022 Change
USD'000 USD'000 USD'000
Assets:
Non-current Assets 101,322 96,940 4,382
Current Assets 26,174 27,424 (1,250)
Liabilities:
Non-Current Liabilities 55,634 54,764 870
Current Liabilities 15,372 13,469 1,903
Equity and Reserves:
Capital and Reserves to Equity
Holders 56,490 56,131 359
Cash plus working capital
surplus 10,947 14,204 (3,257)
Non-current Assets
Non-current assets increased by USD 4.4 million to USD 101.3
million at H1 2023 from USD 96.9 million at YE 2022:
-- Property, plant and equipment USD 44.1 million (YE 2022: USD
45.0 million) decrease of USD 0.9 million mainly relates to USD 3.2
million additions less DDA of USD 4.1 million.
-- Intangible assets USD 38.8 million (YE 2022: USD 33.5
million) increase of USD 5.3 million mainly relates to accrued
additions for Jacobin-1 Well less amortization of USD 0.1 million
(YE 2022: USD 0.2 million).
-- Deferred tax asset of USD 12.5 million (YE 2022: USD 12.5 million).
-- Abandonment fund and performance bond of USD 5.3 million (YE 2022: USD 5.1 million).
-- Right of use asset of USD 0.6 million (YE 2022: USD 0.8
million) relating to motor vehicles, office building, staff house
and office equipment leases that met the recognition criteria of a
lease under IFRS 16.
Current Assets
Current assets decreased by USD 1.2 million to USD 26.2 million
at H1 2023 from USD 27.4 million at YE 2022:
-- Cash and cash equivalents of USD 11.3 million (YE 2022: USD
12.1 million). Reduction of USD 0.8 million mainly due to repayment
of overdraft facility (USD 0.7 million) and a combination of strong
operating cash generation being impacted by increased capex,
including the initial cost to support the drilling of
Jacobin-1.
-- Trade and other receivables of USD 9.8 million (YE 2022: USD 10.7 million).
o Trade and other receivables (less impairment) of USD 4.1
million (YE 2022: USD 4.6 million)
o VAT recoverable of USD 4.2 million (YE 2022: USD 4.5
million).
o Prepayments and other receivables (less impairment) of USD 1.5
million (YE 2022: USD 1.6 million).
-- Inventories USD 5.1 million (YE 2022: USD 4.6 million). The
increase is mainly due to added inventories to support the
Jacobin-1 well.
Non-current Liabilities
Non-current liabilities increased to USD 55.6 million at H1 2023
from USD 54.7 million at YE 2022, primarily due to:
-- Provision for other liabilities (predominantly
decommissioning costs) of USD 53.5 million (YE 2022: USD 52.5
million). The increase is mainly due to unwinding of the discount
rate at H1 2023.
-- Deferred tax liability USD 1.9 million (YE 2022: USD 1.9 million).
-- Lease liability of USD 0.2 million (YE 2022: USD 0.3 million).
Current Liabilities
Current liabilities increased to USD 15.4 million at H1 2023 (YE
2022: USD 13.5 million) primarily due to:
-- Trade and other payables of USD 12.8 million (YE 2022: USD 9.9 million).
o Trade payables of USD 3.7 million (YE 2022: USD 2.6
million).
o Accruals and other payables of USD 7.6 million (YE 2022: USD
5.1 million) mainly increased due to the Jacobin-1 Well costs
accrued.
o SPT payable of USD 1.5 million (YE 2022: USD 2.2 million).
-- CIBC FirstCaribbean bank overdraft facility USD 2.0 million
(YE 2022: USD 2.7 million). The reduction is mainly due to partial
repayment of overdraft facility.
-- Lease liability of USD 0.4 million (YE 2022: USD 0.6 million).
Cash plus Working Capital Surplus
Cash plus working capital surplus calculated as Current Assets
less Current Liabilities (excluding Provisions for other
liabilities and Derivative assets/(liabilities)) decreased by 23%
to USD 10.9 million (YE 2022: USD 14.2 million).
Reconciliation between Adjusted EBIDA after Current Taxes and
Cash Inflow from Operating Activities
H1 2023 H1 2022
USD'000 USD'000
Adjusted EBIDA after Current Taxes 6,670 4,831
Exceptional items (371) --
Foreign exchange gain 142 41
Translation differences as per Statement
of Cash flows (142) (41)
Changes in Working Capital (37) (1,922)
Income tax incurred 470 2,882
Income tax paid (475) (2,882)
Cash flow from operating activities 6,257 2,909
APPIX 1: TRADING SUMMARY
A summary of realised price, production, royalties, Opex,
G&A and operating break-evens expenditure metrics is set out
below:
Trading Summary Table
Details H1 2023 H1 2022 Change %
Realised price (USD/bbl) 65.2 90.1 (28)
Sales (bopd)
Onshore 1,512 1,688 (10)
West Coast 338 249 36
East Coast 1,011 1,037 (2)
Group Consolidated 2,861 2,974 (4)
Metrics (USD/bbl)
Royalties/bbl - Onshore 24.3 38.9 (38)
Royalties/bbl - West Coast 12.0 16.7 (28)
Royalties/bbl - East Coast 12.7 19.1 (34)
Royalties/bbl - Consolidated 18.8 30.1 (38)
Opex/bbl - Onshore 16.9 14.0 21
Opex/bbl - West Coast 26.9 28.2 (5)
Opex/bbl - East Coast 22.5 22.2 2
Opex/bbl - Group Consolidated 20.1 17.6 14
G&A/bbl - Group Consolidated 6.3 6.6 (5)
Operating break-even (USD/bbl)
Onshore 22.8 18.5 23
West Coast 32.3 26.9 20
East Coast 26.3 27.2 (3)
Group Consolidated 34.5 32.4 6
Notes: Group consolidated operating break-even: The realised
price/bbl for which the adjusted EBITDA/bbl exclusive of net
derivative expense/income for the Group is equal to zero.
STATEMENT OF DIRECTORS' RESPONSIBILITY
The Directors confirm that this condensed consolidated interim
financial information has been prepared in accordance with
International Accounting Standards ("IAS") and that the interim
management report includes:
-- an indication of important events that have occurred during
the first six (6) months and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six (6) months of the financial
year; and
-- the management report, which is incorporated into the
directors' report, includes a fair review of the development and
performance of the business and the position of the Company and the
undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and
uncertainties that they face; and
-- material related party transactions in the first six (6)
months and any material changes in the related-party transactions
described in the last annual report.
A list of the current Directors is maintained on the Trinity
Exploration & Production plc website
www.trinityexploration.com.
By order of the Board
Jeremy Bridglalsingh
Chief Executive Officer
27 September 2023
INDEPENT REVIEW REPORT TO TRINITY EXPLORATION & PRODUCTION
plc
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2023 is not prepared, in all material respects, in accordance
with UK adopted International Accounting Standard 34 and the London
Stock Exchange AIM Rules for Companies.
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2023 which comprises of Condensed
Consolidated Statement of Comprehensive Income, Condensed
Consolidated Statement of Financial Position, Condensed
Consolidated Statement of Changes in Equity and Condensed
Consolidated Cash Flow Statements and notes to the Condensed
Consolidated Interim Financial Statements.
Basis for conclusion
We conducted our review in accordance with International
Standard on Review Engagements (UK) 2410, "Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity" ("ISRE (UK) 2410"). A review of interim financial
information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with
International Standards on Auditing (UK) and consequently does not
enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
As disclosed in note 1, the annual financial statements of the
group are prepared in accordance with UK adopted international
accounting standards. The condensed set of financial statements
included in this half-yearly financial report has been prepared in
accordance with UK adopted International Accounting Standard 34,
"Interim Financial Reporting".
Conclusions relating to going concern
Based on our review procedures, which are less extensive than
those performed in an audit as described in the Basis for
conclusion section of this report, nothing has come to our
attention to suggest that the directors have inappropriately
adopted the going concern basis of accounting or that the directors
have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in
accordance with ISRE (UK) 2410, however future events or conditions
may cause the group to cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly
financial report in accordance with the London Stock Exchange AIM
Rules for Companies which require that the half-yearly report be
presented and prepared in a form consistent with that which will be
adopted in the Company's annual accounts having regard to the
accounting standards applicable to such annual accounts.
In preparing the half-yearly financial report, the directors are
responsible for assessing the company's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the review of the financial
information
In reviewing the half-yearly report, we are responsible for
expressing to the Company a conclusion on the condensed set of
financial statements in the half-yearly financial report. Our
conclusion, including our Conclusions Relating to Going Concern,
are based on procedures that are less extensive than audit
procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
Our report has been prepared in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the
rules of the London Stock Exchange AIM Rules for Companies for no
other purpose. No person is entitled to rely on this report unless
such a person is a person entitled to rely upon this report by
virtue of and for the purpose of our terms of engagement or has
been expressly authorised to do so by our prior written consent.
Save as above, we do not accept responsibility for this report to
any other person or for any other purpose and we hereby expressly
disclaim any and all such liability.
Matt Crane (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
Chartered Accountants
London, UK
27 September 2023
BDO LLP is a limited liability partnership registered in England
and Wales (with registered number OC305127).
Trinity Exploration & Production plc
Condensed Consolidated Statement of Comprehensive Income
for the period ended 30 June 2023
(Expressed in United States Dollars)
------------------------------------------------------------------------------------------------
Notes 6 months 6 months Year ended
to 30 June to 30 31 December
2023 June 2022 2022
$'000 $'000 $'000
(unaudited) (unaudited) (audited)
Operating Revenues
Crude oil sales 33,751 48,514 92,232
Other income 3 1 7
------------ ------------ -------------
33,754 48,515 92,239
Operating Expenses
Royalties (9,711) (16,204) (30,091)
Production costs (10,402) (9,498) (19,242)
Depreciation, depletion and amortisation 8-10 (4,472) (3,884) (7,617)
General and administrative expenses (3,254) (3,581) (7,181)
Net reversal / (impairment) of financial
assets 25 (45) 46
Share option expense 15 (254) (316) (647)
Covid-19 expenses -- (459) (579)
Foreign exchange gain/(loss) 142 41 (394)
Realised derivative expense 3,12 -- (6,011) (10,446)
Fair value expense on derivative
instruments -- (3,207) 2,883
(27,926) (43,164) (73,268)
------------ ------------ -------------
Operating Profit Before Supplemental
Petroleum Taxes ("SPT") 5,828 5,351 18,971
SPT (3,247) (5,049) (9,012)
Operating Profit Before Impairment
and Exceptional Items 2,581 302 9,959
Impairment 4 -- -- (6,050)
Exceptional items 5 (371) -- (161)
------------ ------------ -------------
Operating Profit After Impairment
and Exceptional Items 2,210 302 3,748
Finance Income 7 25 24 48
Finance cost 7 (1,124) (648) (1,339)
------------ ------------ -------------
Profit/(Loss) Before Income Taxation 1,111 (322) 2,457
Income Taxation expense 6 (428) (76) (2,344)
------------ ------------ -------------
Profit/(Loss) for the period 683 (398) 113
Other Comprehensive Income / (loss)
Exchange differences on translation
of foreign operations (6) (324) (20)
------------ ------------ -------------
Total Comprehensive Income/(loss)
for the period 677 (722) 93
============ ============ =============
Earnings per share (expressed in
dollars per share)
Basic 21 0.02 (0.01) 0.00
Diluted 21 0.02 (0.01) 0.00
Trinity Exploration & Production plc
Condensed Consolidated Statement of Financial Position
for the period ended 30 June 2023
(Expressed in United States Dollars)
------------------------------------------------------------------------------------
Notes As at 30 As at 30 As at 31
June 2023 June 2022 December
2022
ASSETS $'000 $'000 $'000
(unaudited) (unaudited) (audited)
Non-current Assets
Property, plant and equipment 8 44,134 51,828 44,987
Right-of-use assets 9 572 608 838
Intangible assets 10 38,799 31,031 33,537
Abandonment fund 4,750 4,260 4,511
Performance bond 602 473 602
Deferred tax asset 16 12,465 14,294 12,465
------------ ------------ ----------
101,322 102,494 96, 940
------------ ------------ ----------
Current Assets
Inventories 5,100 4,283 4,615
Trade and other receivables 11 9,773 14,120 10,678
Cash and cash equivalents 11,301 14,950 12,131
------------ ------------ ----------
26,174 33,353 27,424
------------ ------------ ----------
Total Assets 127,496 135,847 124,364
============ ============ ==========
Equity
Capital and Reserves Attributable
to Equity Holders
Share capital 13 399 389 399
Share premium 13 -- -- --
Share based payment reserve 15 3,224 4,087 2,990
Reverse acquisition reserve (89,268) (89,268) (89,268)
Treasury shares 14 (2,088) -- (1,522)
Translation reserve (1,654) (1,971) (1,667)
Retained earnings 145,877 143,268 145,199
------------ ------------ ----------
Total Equity 56,490 56,505 56,131
Non-current Liabilities
Lease liabilities 9 239 202 341
Deferred tax liability 16 1,898 1,983 1,940
Provision for other liabilities 17 53,469 56,295 52,460
Employee benefits 28 11 23
------------ ------------ ----------
55,634 58,491 54,764
------------ ------------ ----------
Current Liabilities
Trade and other payables 18 12,833 11,533 9,932
Bank overdraft 19 2,000 2,700 2,700
Lease liabilities 9 394 492 584
Derivative financial liability 12 -- 6,090 --
Provision for other liabilities 145 36 249
Taxation Payable -- -- 4
------------ ------------ ----------
15,372 20,851 13,469
Total Liabilities 71,006 79,342 68,233
------------ ------------ ----------
Total Shareholders' Equity and
Liabilities 127,496 135,847 124,364
============ ============ ==========
Trinity Exploration & Production plc
Condensed Consolidated Statement of Changes in Equity
for the period ended 30 June 2023
(Expressed in United States Dollars)
Share Share Reverse Translation Retained Total
Capital Based Acquisition Treasury Reserve Earnings
Payment Reserve Shares
Reserve
$'000 $'000 $'000 $'000 $'000 $'000 $'000
--------- --------- ------------- ----------- ------------ ---------- -------
Balance at 1 January 2022 389 3,784 (89,268) -- (1,650) 143,666 56,921
Share based payment charge -- 305 -- -- -- -- 305
Capital Reorganisation -- -- -- -- -- -- --
Translation difference -- (2) -- -- 3 -- 1
Total comprehensive loss for
the period -- -- -- -- (324) (398) (722)
Balance at 30 June 2022
(unaudited) 389 4,087 (89,268) -- (1,971) 143,268 56,505
========= ========= ============= =========== ============ ========== =======
Balance at 1 January 2023 399 2,990 (89,268) (1,522) (1,667) 145,199 56,131
Share based payment charge -- 254 -- -- -- -- 254
LTIPs exercised -- (20) -- -- -- 15 (5)
Treasury shares (note 14) -- -- -- (566) -- -- (566)
Translation difference -- -- -- -- 19 (20) (1)
Total comprehensive profit
for the period -- -- -- -- (6) 683 677
Balance at 30 June 2023
(unaudited) 399 3,224 (89,268) (2,088) (1,654) 145,877 56,490
========= ========= ============= =========== ============ ========== =======
Trinity Exploration & Production plc
Condensed Consolidated Statement of Cashflows
for the period ended 30 June 2023
(Expressed in United States Dollars)
-----------------------------------------------------------------------------------------------------
Notes 6 months 6 months Year end
to 30 June to 30 June 31 December
2023 2022 2022
$'000 $'000 $'000
(unaudited) (unaudited) (audited)
Operating Activities
Profit /(Loss) before taxation 1,111 (322) 2,457
Adjustments for:
Translation difference (142) (41) 394
Finance Income (25) (24) (48)
Finance cost 7 71 94 229
Share option expense 254 316 647
Finance cost - decommissioning provision 7 1,053 554 1,110
Depreciation, depletion and amortisation 8-10 4,472 3,884 7,617
Impairment of property, plant and
equipment 8 -- -- 5,558
Inventory Impairment 5 -- -- 334
(Reversal of impairment)/impairment
loss on financial assets (25) 45 (46)
Fair value on derivative financial
instrument -- 3,207 (2,883)
Other non-cash items -- -- 158
6,769 7,713 15,527
------------ ------------ -------------
Changes In Working Capital
Increase in Inventory (485) (463) (1,129)
Decrease/(increase) in Trade and other
receivables 691 ( 3,657) (376)
(Decrease)/Increase in Trade and other
payables (243) 2,198 1,353
(37) (1,922) (152)
Income taxation paid (475) (2,882) (3,390)
------------ ------------ -------------
Net Cash Inflow From Operating Activities 6,257 2,909 11,985
Investing Activities
Exploration and Evaluation Assets (2,052) (363) (388)
Computer software and investment in
research & development (284) (24) (102)
Purchase of property, plant & equipment (3,240) (5,320) (15,016)
Performance bond released -- -- (130)
Net Cash Outflow From Investing Activities (5,576) (5,707) (15,636)
------------ ------------ -------------
Financing Activities
Finance income 25 24 48
Finance cost (28) (50) (94)
Proceeds from the issue of shares -- -- 10
Principal paid on lease liability (291) (261) (536)
Interest paid on lease liability (43) (44) (135)
Bank overdraft repayment (700) -- --
Acquisition of treasury shares (566) -- (1,522)
Net Cash Outflow From Financing Activities (1,603) (331) (2,229)
------------ ------------ -------------
Decrease in Cash and Cash Equivalents (922) (3,129) (5,880)
============ ============ =============
Cash And Cash Equivalents
At beginning of period 12,131 18,312 18,312
Effects of foreign exchange rates
on cash 92 (233) (301)
Decrease (922) (3,129) (5,880)
------------ ------------ -------------
At end of period 11,301 14,950 12,131
============ ============ =============
Trinity Exploration & Production plc
Notes to the Condensed Consolidated Financial Statements for the
period ended 30 June 2023
1 Background, Accounting Policies and Estimates
Background
Trinity Exploration & Production plc ("Trinity") is
incorporated and registered in England and trades on the
Alternative Investment Market ("AIM"), a market operated by London
Stock Exchange plc. Trinity ("the Company") and its subsidiaries
(together "the Group") are involved in the exploration, development
and production of oil reserves in Trinidad and Tobago
(T&T).
Basis of Preparation
These condensed consolidated interim financial statements for
the six months ended 30 June 2023 have been prepared in accordance
with international accounting standards as adopted in the United
Kingdom. The condensed consolidated interim financial statements
should be read in conjunction with the annual financial statements
for the year ended 31 December 2022, which have also been prepared
in accordance with IFRS.
The results for the six months ended 30 June 2023 and 30 June
2022 have been reviewed, not audited, and do not comprise statutory
accounts within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 December 2022 were
approved by the board of directors and delivered to the Registrar
of Companies. The report of the independent auditors on those
accounts was unqualified. The interim report has been reviewed by
the auditor.
Going Concern
The Board has adopted the going concern basis in preparing the
condensed consolidated interim financial statements.
In making their going concern assessment, the Board have
considered the Group's current financial position, budget and cash
flow forecast. The base case cashflow forecast at a minimum
contemplated a 12-month outlook illustrating the ability of the
Group to operate on a going concern basis one year post completion
of the interim review. The base cashflow forecast demonstrated that
the Group will remain with a positive cash flow position, and as
such being able to meet its liabilities as they fall due.
The base case cashflow forecast was prepared considering the
follow:
-- Future oil prices assumed to be in line with the forward
curve prevailing at 1 September 2023, with an average Brent oil
price of USD 87.15/bbl in the period September to December 2023.
The Brent forward price curve applied in the cash flow forecast
starts at USD 88.20/bbl in September 2023, and fluctuates to USD
86.12/bbl in December 2023 through to USD 80.72/bbl in December
2024.
-- Average forecast production for the period 1 September 2023
to December 2023 of 2,809 bopd and for the 12 months to December
2024 of 2,719 bopd with production being maintained by RCPs, WOs
and swabbing activities and Jacobin-1 well a modest annualised
average 80 bopd in 2024.
-- SPT not being incurred on the onshore assets in H2 2023 and
2024 due to lower realised oil prices than the SPT threshold for
small onshore operators USD 75.0/bbl.
-- Maintained overdraft at USD 2.0 million.
-- Trinity continuing to progress planned growth and business development opportunities.
Management considered a separate stressed scenario
including:
-- the effect of reductions in Brent oil prices at $60.0/bbl
being sustained across the forecast period, noting that the base
case pricing is in line with market prices; and
-- the compounded impact of a reduction in production by 10%.
The stressed case cash flow forecast allows for the impact of
mitigating actions that are within the Group's control which
include:
-- Reducing non-core and discretionary opex and administrative
costs across the forecast period.
-- Reducing discretionary capital expenditure and capital returns over the forecast period.
The stressed case cashflow forecasts demonstrate that the
Group's cash balances are maintained under such scenarios and as
such are sufficient to meet the Group's obligations as they fall
due.
As a result, at the date of approval of the interim financial
statements, the Board have a reasonable expectation that the Group
has sufficient and adequate resources to continue in existence for
at least twelve months post approval of these financial statements
and is poised for continued growth. For this reason, the Board have
concluded it is appropriate to continue to adopt the going concern
basis of accounting in the preparation of the condensed
consolidated interim financial statements.
Accounting policies
The accounting policies adopted are consistent with those of the
previous financial year 31 December 2022 and corresponding interim
reporting period, except for those set out in the standards
below:
- New standards and amendments effective for periods beginning
on 1 January 2023 and therefore relevant to these condensed
consolidated interim financial statements
-- IAS 1 Presentation of Financial Statements and IFRS Practice
Statement 2 (Amendment - Disclosure of Accounting Policies)
-- IAS 8 Accounting policies, Changes in Accounting Estimates
and Errors (Amendment - Definition of Accounting Estimates)
-- IAS 12 Income Taxes (Amendment - Deferred Tax related to
Assets and Liabilities arising from a Single Transaction)
Cash and cash equivalents
For the purpose of presentation in the condensed consolidated
statement of cash flows, cash and cash equivalents includes cash on
hand, deposits held at call with financial institutions, and other
short-term, highly liquid investments with original maturities of
three months or less that are readily convertible to known amounts
of cash.
Trade receivables
Trade receivables are amounts due from the Group's sole customer
for crude oil sold in the ordinary course of business. They are
generally due for settlement within 30 days and therefore are all
classified as current. Trade receivables are recognised initially
at the amount of consideration that is unconditional unless they
contain significant financing components, when they are recognised
at fair value.
Impairment of financial assets
The Group applied the simplified approach to determine
impairment of its trade and other receivables. The simplified
approach requires expected lifetime losses to be recognised from
initial recognition of the receivables. This involves determining
the expected loss rates using a provision matrix that is based on
the Group's historical default rates observed over the expected
life of the receivables and adjusted for forward looking estimates.
This is then applied to the gross carrying amount of the
receivables to arrive at the loss allowance for the period.
Financial assets recognition of impairment provisions under IFRS
9 is based on the expected credit losses ("ECL") model. The ECL
model is applicable to financial assets classified at amortised
cost and contract assets under IFRS 15: Revenue from Contracts with
Customers. The measurement of ECL reflects an unbiased and
probability weighted amount that is available without undue cost or
effort at the reporting date, about past events, current conditions
and forecasts of future economic conditions.
Trade and other payables
Trade and other payables are recognised initially at fair value
and subsequently measured at amortised cost using the effective
interest rate method.
Segment Information
Management have considered the requirements of IFRS 8 Operating
Segments, in regard to the determination of operating segments, and
concluded that the Group has only one significant operating segment
being the exploration and development, production and extraction of
hydrocarbons.
All revenue is generated from crude oil sales in Trinidad and
Tobago ("T&T") to one customer, Heritage Petroleum Company
Limited ("Heritage"). All non-current assets of the Group are
located in T&T.
Derivative financial instruments and hedging activities
The Company has not applied hedge accounting and all derivatives
are measured at fair value through profit and loss.
Estimates
The preparation of condensed consolidated interim financial
statements requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets and liabilities, income and
expenses. Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial
statements, the significant judgements made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the
consolidated financial statements for the year ended 31 December
2022. Reference can be made note 3 (Critical Accounting Estimates
and Judgements), in the Annual Report December 2022.
2 Financial risk management
Financial risk factors
The Group's activities expose it to a variety of financial
risks: market risk (including currency risk, fair value interest
rate risk, cash flow interest rate risk and price risk), credit
risk and liquidity risk. The Group's overall risk management
program seeks to minimise potential adverse effects on the Group's
financial performance.
The condensed consolidated interim financial statements do not
include all financial risk management information and disclosures
required in the annual financial statements; they should be read in
conjunction with the Group's annual financial statements for 2022,
which can be found at www.trinityexploration.com .
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient
cash and short-term funds and the availability of funding through
an adequate amount of committed credit facilities. Management
monitors rolling forecasts of the Group's liquidity and cash and
cash equivalents on the basis of expected cash flow. As at 30 June
2023, the Group held cash at bank of $11.3 million (2022: $12.1
million).
Credit risk
Credit risk arises from Cash and Cash equivalents, deposits with
banks and financial institutions, as well as credit exposures to
customers, including outstanding receivables. For banks and
financial institutions, management determines the placement of
funds based on its judgement and experience to minimise risk.
All sales are made to a state-owned entity -Heritage.
3 Derivative expense
30 June 30 June 31 December
2023 2022 2022
$'000 $'000 $'000
Realised derivative expense -- (6,011) (10,446)
FV of derivative financial instruments -- (3,207) 2,883
Total expense -- (9,218) (7,563)
================== ======== ==============
All derivative instruments expired at 31 December 2022. The
Group does not have any derivative instruments in place for
2023.
4 Impairment
30 June 30 June 31 December
2023 2022 2022
$'000 $'000 $'000
Impairment of inventory -- -- 334
Impairment of property, plant and
equipment -- -- 5,558
Other impairment of property, plant
and equipment -- -- 158
========= ======== ============
Total expense -- -- 6,050
========= ======== ============
Management performed an indicator of impairment assessment at 30
June 2023. Crude oil price forecast were noted to be depressed at
30 June 2023 which showed a potential impairment of USD 1.6
million. However, oil prices recovered post 30 June 2023.
Sensitivity analysis on revised oil price forecast carried out
using 1 September 2023 pricing curve showed there were no material
impairment charges to the Group's assets. Subsequent to 1 September
2023, oil prices continue to trend upwards and as such no
impairment indicators were identified at H1 2023. Another
impairment assessment will be performed at the year-end.
5 Exceptional Items
Items that are material either because of their size, their
nature, or that are non-recurring are considered as exceptional
items and are presented within the line items to which they best
relate. During the current period, exceptional items as detailed
below have been included in the condensed consolidated statement of
comprehensive income. An analysis of the amounts presented as
exceptional items in these condensed interim financial statements
are highlighted below.
30 June 30 June 31 December
2023 2022 2022
$'000 $'000 $'000
ICT incident cost 280 -- 161
Bravo fire incident cost 91 -- --
Exceptional items charge 371 -- 161
======== ======== ============
-- ICT incident cost captures expenditures related to the
response on the cyber incident which occurred in December 2022.
-- Bravo Fire incident costs related to initial costs incurred
in responding to the incident in H1 2023.
6 Income taxation expense
a. Taxation 30 June 30 June 31 December
2023 2022 2022
Current tax $'000 $'000 $'000
Petroleum profits tax 336 2,058 2,404
Unemployment levy 134 824 960
Deferred tax
* Current period
Movement in asset due to tax losses
recognised (Note 16) -- (2,764) (935)
Movement in liability due to accelerated
tax depreciation (note 16) (42) (42) (85)
Income tax expense 428 76 2,344
======== ======== ============
Current tax: The Group's effective tax rate varies based on
jurisdiction.
30 June 31 December
Tax rates: 30 June 2023 2022 2022
$'000 $'000 $'000
Corporation Tax UK 19% 19% 19%
Corporation Tax TT 30% 30% 30%
Petroleum Profits Tax 50% 50% 50%
Unemployment levy 5% 5% 5%
Deferred tax:
The Group has a deferred tax asset of $12.5 million on its
condensed consolidated statement of financial position which is the
amount it expects to recover within 3 years based on the expected
taxable profits generated by Group companies over that period.
7 Finance income
30 June 30 June 31 December
2023 2022 2022
$'000 $'000 $'000
Interest income 25 24 48
======== ======== ============
Finance costs
30 June 30 June 31 December
2023 2022 2022
$'000 $'000 $'000
Decommissioning - Unwinding of
discount (1,053) (554) (1,110)
Interest and other expenses on
overdraft (28) (50) (94)
Interest on leases (43) (44) (135)
-------- -------- ------------
(1,124) (648) (1,339)
======== ======== ============
8 Property, Plant and Equipment
Plant Leasehold Oil &
& Equipment & Buildings Gas Property Total
$'000 $'000 $'000 $'000
-------------- ------------- -------------- ----------
Opening net book amount at 1
January 2023 4,255 1,271 39,461 44,987
Additions 868 12 2,368 3,248
DD&A charge for period (293) (96) (3,712) (4,101)
Closing net book amount at 30
June 2023 4,830 1,187 38,117 44,134
============== ============= ============== ==========
At 30 June 2023
Cost 19,061 3,495 325,865 348,421
Accumulated DD&A and impairment (14,231) (2,308) (287,748) (304,287)
Closing net book amount at 30
June 2023 4,830 1,187 38,117 44,134
============== ============= ============== ==========
Plant Leasehold Oil &
& Equipment & Buildings Gas Property Total
$'000 $'000 $'000 $'000
-------------- ------------- -------------- ----------
Opening net book amount at 1
January 2022 2,919 1,388 45,200 49,507
Additions 1,803 66 3,964 5,833
DD&A charge for period (275) (93) (3,146) (3,514)
Translation difference -- -- 2 2
Closing net book amount at 30
June 2022 4,447 1,361 46,020 51,828
============== ============= ============== ==========
At 30 June 2022
Cost 18,059 3,478 322,504 344,041
Accumulated DD&A and impairment (13,612) (2,117) (276,486) (292,215)
Translation difference -- -- 2 2
Closing net book amount at 30
June 2022 4,447 1,361 46,020 51,828
============== ============= ============== ==========
Plant Leasehold Oil &
& Equipment & Buildings Gas Assets Total
$'000 $'000 $'000 $'000
-------------- ------------- -------------- ----------
Year ended 31 December 2022
Opening net book amount at 1
January 2022 2,919 1,388 45,200 49,507
Disposals -- -- -- --
Transfers -- -- (2,451) (2,451)
Additions 1,999 71 13,062 15,132
Adjustment for decommissioning
estimate -- -- (4,595) (4,595)
Impairment charge (note 4) (62) -- (5,654) (5,716)
DD&A charge for year (601) (188) (6,101) (6,890)
Closing net book amount 31 December
2022 4,255 1,271 39,461 44,987
============== ============= ============== ==========
At 31 December 2022
Cost 18,193 3,483 323,497 345,173
Accumulated DD&A and impairment (13,938) (2,212) (284,036) (300,186)
Closing net book amount 4,255 1,271 39,461 44,987
============== ============= ============== ==========
9 Leases
(i) Amounts recognised in the condensed consolidated statement of financial position.
The condensed consolidated statement of financial position shows
the following amounts relating to leases:
31 December
30 June 2023 30 June 2022 2022
$'000 $'000 $'000
Right-of-use assets
Non-current assets 572 608 838
============= ============= ============
Lease Liabilities
Current 394 492 584
Non-current 239 202 341
633 694 925
============= ============= ============
The ROU assets relate to motor vehicles, office building, staff
house and office equipment leases that met the recognition criteria
of a Lease under IFRS 16.
(ii) Amounts recognised in the condensed consolidated statement of comprehensive income.
The condensed consolidated statement of comprehensive income
shows the following amounts relating to leases:
30 June 30 June 31 December
2023 2022 2022
$'000 $'000 $'000
Depreciation charge of ROU
assets
Depreciation (265) (258) (534)
======== ======== ============
Interest expense (including
finance cost) (43) (44) (135)
======== ======== ============
The total cash outflow for leases in June 2023 was $0.3 million
(June 2022: $0.3 million)
10 Intangible Assets
Computer Software Exploration and evaluation Research and Development Total
assets
$'000 $'000 $'000 $'000
Opening net book amount at 1
January 2023 405 32,903 229 33,537
Additions 204 5,084 80 5,368
Amortisation charge for the
year (106) -- -- (106)
At 30 June 2023 503 37,987 309 38,799
------------------ ------------------------------ ------------------------- -------
Opening net book amount at 1
January 2022 496 30,217 46 30,759
Additions 24 219 141 384
Amortisation charge for the
year (112) -- -- (112)
Closing net book amount at 30
June 2022 408 30,436 187 31,031
------------------ ------------------------------ ------------------------- -------
Opening net book amount at 1
January 2022 496 30,217 46 30,759
Additions 102 235 183 520
Transfers -- 2,451 -- 2,451
Amortisation charge for the
year (193) -- -- (193)
Closing net book amount at 31
December 2022 405 32,903 229 33,537
================== ============================== ========================= =======
-- Computer Software: Costs incurred in connection with software.
-- Exploration and Evaluation asset: The opening balance mainly
represents the cost for the TGAL 1 exploration well and
classification of PS-4 acquisition cost to E&E costs. Additions
during H1 2023 related to the drilling of Jacobin exploration well
of USD 5.0 million.
-- Research and Development: In 2023, costs incurred in
connection with various renewable energy initiatives.
11 Trade and Other Receivables
30 June 30 June 31 December
2023 2022 2022
Due within one year $'000 $'000 $'000
Trade receivables 4,067 6,650 4,643
Less: provision for impairment of trade
receivables (1) (6) (4)
-------- -------- ------------
Trade receivables: net 4,066 6,644 4,639
Prepayments 866 1,084 969
VAT recoverable 4,182 5,364 4,544
Other receivables 693 1,174 582
Less: Provision for Impairment of other
receivables (34) (146) (56)
-------- -------- ------------
9,773 14,120 10,678
======== ======== ============
The fair value of trade and other receivables approximate their
carrying amounts.
The Group applies the IFRS 9 simplified model for measuring ECL
which uses a lifetime expected loss allowance and are measured on
the days past due criterion.
Trade receivables - Heritage net sales receipts have been
collected on a timely basis. Since the Joint Interest Billing
("Jibs") balances are outstanding, an ECL was calculated at 30 June
2023 of $0.0 million (31 December 2022: $0.1 million) against Other
receivables.
VAT recoverable - As at 31 December 2022 the VAT recoverable
amount was $4.7m. During the period ending 30 June 2023, net
refunds received amounted to $2.7 million and the Group generated
refunds of $2.1 million.
12 Derivative Financial Liabilities
The following table compares the carrying amounts and fair
values of the group's financial assets and financial liabilities as
at 30 June 2022.
As at 30 As at June As at 31
June 2023 2022 December
2022
$'000 $'000 $'000
Derivative Liability -- (6,090) --
---------- ----------- --------------
Total -- (6,090) --
========== =========== ==============
The group considers that the carrying amount of the following
financial assets and financial liabilities are a reasonable
approximation of their fair value:
- Trade receivables
- Trade payables
- Cash and cash equivalents
Fair Value Hierarchy
The level in the fair value hierarchy within which the
derivative financial asset is categorised is determined on the
basis of the lowest level input that is significant to the fair
value measurement.
The derivative financial assets are classified in their entirety
into only one of the three levels.
The fair value hierarchy has the following level:
- Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities
- Level 2 - inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from
prices)
- Level 3 - inputs for the asset or liability that are not based
on observable market data (unobservable inputs).
Level 2 recurring fair value measurements:
As at 30 As at 31 December
As at 30 June 2022 2022
June 2023
$'000 $'000 $'000
Opening balance -- (2,883) (2,883)
Opening derivative instrument
realised -- 2,883 2,883
Derivative expense (loss in -- (6,090) --
fair value)
---------------- -------------- --------------------
Closing balance -- (6,090) --
================ ============== ====================
All derivative instruments expired at 31 December 2022. The
Group does not have any derivative instruments in place for
2023.
13 Share Capital
Number of Share Share Total
shares capital premium
$'000 $'000 $'000
As at 1 January 2023
and 30 June 2023 39,884,637 399 -- 399
=========== ========= ========= =======
The Company does not have a limited amount of authorised share
capital.
14 Treasury Shares
Treasury shares are shares in the Company that are held by the
Company. In September 2022, the Group announced a share buyback
programme and subsequently announced a second and third tranche of
its share buyback programme which ended on 30 June 2023.
Number of Cost Total
shares repurchased $'000 $'000
Share buyback 1,549,000 2,088 2,088
15 Share Based Payment Reserve
The share-based payments reserve is used to recognise:
- The grant date fair value of options issued to employees but
not exercised.
- The grant date fair value of share awards issued to
employees.
- The grant date fair value of deferred share awards granted to
employees but not yet vested; and
- The issue of shares held by the Employee Share Trust to
employees.
During 2023 the Group had in place share-based payment
arrangements for its employees and Executive Directors, the LTIP.
The Share Option Plan is fully vested and expensed. The current
year charge through share-based payments are in relation to the
LTIP arrangements shown below:
30 June 31 December
30 June 2023 2022 2022
$'000 $'000 $'000
At 1 January 2,990 3,784 3,784
Share based payment expense 254 305 622
Long term incentive plan -- -- --
Lapsed options released to
retained earnings -- -- (1,416)
LTIPs exercised and released (20) -- --
to retained earnings
Translation difference -- (2) --
At 30 June/31 December 3,224 4,087 2,990
============= ============ ==============
There were no new issue of LTIPs for 2023 as at 30 June
2023.
16 Deferred Income Taxation
The analysis of deferred income taxes is as follows:
30 June 30 June 31 December
2023 2022 2022
Deferred tax assets: $'000 $'000 $'000
-Deferred tax assets to be recovered
in more than 12 months (12,465) (14,294) (12,465)
========= ========= ============
Deferred tax liabilities:
-Deferred tax liabilities to be settled
in more than 12 months 1,898 1,983 1,940
========= ========= ============
The deferred tax balances are analysed below:
1 January 30 June 31 Dec 30 June
2022 Movement 2022 Movement 2022 Movement 2023
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Deferred tax
assets
Tax losses recognised (11,530) (2,764) (14,294) 1,829 (12,465) -- (12,465)
(11,530) (2,764) (14,294) 1,829 (12,465) -- (12,465)
========== ========= ========= ========= ========= ========= =========
Deferred tax
liabilities
Accelerated tax
depreciation 13,839 -- 13,839 -- 13,839 -- 13,839
Fair value uplift (11,815) (41) (11,856) (43) (11,899) (42) (11,941)
2,024 (41) 1,983 (43) 1,940 (42) 1,898
========== ========= ========= ========= ========= ========= =========
There was no change to the deferred tax asset (DTA) at 30 June
2023. A review was performed using the oil price forward curve at
30 June 2023 which showed a potential reduction of $1.4 million
from $ 12.5 million. Sensitivity analysis on a revised oil price
forecasts carried out using 1 September 2023 pricing curve showed
the DTA increased to $14.0 million due to the steady increase in
crude oil prices. Based on the crude price volatility no changes
were made to the DTA held at 30 June 2023 and as at 31 December
2023 a further assessment would be performed.
Deferred income tax assets are recognised for tax loss
carry-forwards to the extent that the realisation of the related
tax benefit through future taxable profits are probable. The Group
recognises deferred tax assets over a 3 year outlook which is
conservative and consistent with prior periods. The Group has
unrecognised tax losses amounting to $ 199.3 million which have no
expiry date (2022: $ 207.4 million).
Deferred tax assets and liabilities are not shown offset in this
condensed consolidated statement of financial position. Deferred
tax assets and liabilities can only be offset if an entity has a
legal right to settle current tax amounts on a net basis and
Deferred Tax amounts are levied by the same tax authority (as per
IAS 12).
17 Provisions and Other Liabilities
Non-Current: Decommissioning Closure of
cost pits Total
$'000 $'000 $'000
6 months ended 30 June 2023
Opening amount as at 1 January 2023 51,857 603 52,460
Unwinding of discount 1,053 -- 1,053
Revision to estimates -- -- --
Translation differences (45) 1 (44)
---------------- ----------- --------
Closing balance as at 30 June 2023 52,865 604 53,469
================ =========== ========
6 months ended 30 June 2022
Opening amount as at 1 January 2022 55,220 470 55,690
Unwinding of discount 554 -- 554
Revision to estimates -- (3) (3)
Translation differences 54 -- 54
---------------- ----------- --------
Closing balance as at 30 June 2022 55,828 467 56,295
================ =========== ========
Year ended 31 December 2022
Opening amount as at 1 January 2022 55,220 470 55,690
Unwinding of discount 1,110 -- 1,110
Revision to estimates (4,595) -- (4,595)
Additions -- 138 138
Translation differences 122 (5) 117
Closing balance at 31 December 2022 51,857 603 52,460
================ =========== ========
Litigation
Current: Other provisions claims Total
$'000 $'000 $'000
6 months ended 30 June 2023
Opening amount as at 1 January 2023 112 136 248
Settlements (103) -- (103)
----------------- ----------- ------
Closing balance as at 30 June 2023 9 136 145
================= =========== ======
6 months ended 30 June 2022
Opening amount as at 1 January 2022 0 46 46
Settlements -- (10) (10)
================= =========== ======
Closing balance as at 30 June 2022 0 36 36
================= =========== ======
Year ended 31 December 2022
Opening amount as at 1 January 2021 0 46 46
Additions 112 91 203
----------------- ----------- ------
Closing balance at 31 December 2022 112 137 249
================= =========== ======
18 Trade and Other Payables
30 June 30 June 31 December
2023 2022 2022
$'000 $'000 $'000
-------- -------- ------------
Trade payables 3,688 2,733 2,605
Accruals 7,079 5,246 4,661
Other payables 580 454 500
SPT 1,486 3,100 2,166
12,833 11,533 9,932
======== ======== ============
19 Bank Overdraft
30 June 30 June 31 December
2023 2022 2022
$'000 $'000 $'000
-------- -------- ------------
Bank Overdraft 2,000 2,700 2,700
2,000 2,700 2,700
======== ======== ============
A repayable on demand overdraft facility of $2.7 million was
entered with FirstCaribbean International Bank (Trinidad &
Tobago) Limited ("CIBC") during 2020. The facility was increased on
5 January 2021 by $2.3 million to a total of $5.0 million, and the
additional $3.0 million remains undrawn to date. The facility is
maintained to fund working capital requirements of the Group,
particularly those arising due to the delay in receiving VAT
refunds.
Details of the overdraft facility:
- Description: $5 million demand revolving credit facility
- Interest Rate: United States Prime rate (currently 9%) minus
4.05 % per annum, with a present effective rate 4.95%, subject to a
floor rate of 3.95%
- Repayment: Upon demand at CIBC's discretion
- Debenture: Floating charge debenture over Inventory and Trade
Receivables only
- Covenant: Current Ratio not less than 1.25:1
20 Adjusted EBITDA
Adjusted EBITDA is a non-IFRS measure, an alternative
performance measure, used by the Group to measure business
performance. It is calculated as Operating Profit before SPT &
PT for the period, adjusted for non-cash items being DD&A,
ILFA, SOE, Fair value gain/loss on Derivatives and Foreign exchange
(gain)/loss.
The Group presents Adjusted EBITDA as it is used in assessing
the Group's operating performance as management believes it better
illustrates the underlying performance of the Group's business by
excluding non-cash items not considered by management to reflect
the underlying operations of the Group.
Adjusted EBITDA is calculated as follows:
6 months 6 months Year ended
to 30 June to 30 June December
2023 2022 2022
$'000 $'000 $'000
------------------ ----------------- ----------------
Operating Profit Before SPT 5,828 5,351 18,971
Depreciation, depletion and amortisation 4,472 3,884 7,617
Share option expense 254 316 647
Impairment/(reversal of impairment)
of financial assets (25) 45 (46)
Fair value of derivative instruments -- 3,207 (2,883)
Foreign exchange (gain)/loss (142) (41) 394
------------------ ----------------- ----------------
Adjusted EBITDA 10,387 12,762 24,700
$'000 $'000 $'000
------------------ ----------------- ----------------
Weighted average ordinary shares
outstanding - basic 38,336 38,879 38,813
Weighted average ordinary shares
outstanding - diluted 39,751 42,550 40,243
$ $ $
Adjusted EBITDA per share - basic 0.27 0.33 0.64
Adjusted EBITDA per share - diluted 0.26 0.30 0.61
Adjusted EBITDA after the impact of Current Taxes (SPT, PPT and
UL) is calculated as follows:
6 months 6 months Year ended
to 30 June to 30 June December
2023 2022 2022
$'000 $'000 $'000
----------------- ----------------- ----------------
Adjusted EBITDA 10,387 12,762 24,700
SPT (3,247) (5,049) (9,012)
PPT/UL (470) (2,882) (3,365)
Adjusted EBITDA after Current
Taxes 6,670 4,831 12,323
'000 '000 '000
----------------- ----------------- ----------------
Weighted average ordinary shares
outstanding - basic 38,336 38,879 38,813
Weighted average ordinary shares
outstanding - diluted 39,751 42,550 40,243
$ $ $
Adjusted EBITDA after Current
Taxes per share - basic 0.17 0.12 0.32
Adjusted EBITDA after Current
Taxes per share - diluted 0.17 0.11 0.31
21 Earnings per Share
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period. Diluted
earnings per share is calculated using the weighted average number
of ordinary shares adjusted to assume the conversion of all
dilutive potential ordinary shares.
Profit /(Loss) Weighted Earnings
$'000 Average Number Per Share
Of Shares $
'000
Period ended 30 June 2023
Basic 683 38,336 0.02
Diluted 683 39,751 0.02
--------------------------------- --------------------- ---------------------- -----------------
Period ended 30 June 2022
Basic (398) 38,879 (0.01)
Diluted (398) 38,879 (0.01)
--------------------------------- ------------ ------------- -------------
Year ended 31 December 2022
Basic 113 38,813 0.00
Diluted 113 40,243 0.00
----------------------------------- ---------- ------------- -----------
Impact of dilutive ordinary shares :
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. The awards
issued under the Company's LTIP are considered potential ordinary
shares.
The basic shares balance was amended through the net effect of
the issuance of new shares (following exercise of Options) and the
repurchase of shares through the share buyback to 30 June 2023.
22 Contingent Liabilities
i) Parent Company Guarantee:
a) PGB - A Letter of Guarantee has been established in substance
over the PGB Block where a subsidiary of Trinity is obliged to
carry out a Minimum Work Programme to the value of $8.4 million. A
clause within the Letter of Guarantee implies that the Guarantor
may reduce the Guarantee Sum available for payment to the MEEI
under the Letter of Guarantee on an obligation-by-obligation basis
provided PGB delivers to the Guarantor a certificate duly issued
and signed by the MEEI.
b) Galeota - A Letter of Guarantee has been established in
substance over the Galeota Block where a subsidiary of Trinity is
obliged to carry out a Minimum Work Programme to the value of $0.9
million. A clause within the Letter of Guarantee implies that the
Guarantor may reduce the Guarantee Sum available for payment to the
MEEI under the Letter of Guarantee on an obligation-by-obligation
basis provided the subsidiary of Trinity delivers to the Guarantor
a certificate duly issued and signed by the Minister of the MEEI.
The Letter of Guarantee was effective from 14 July 2021 until the
earlier of performance of Minimum Work Programme or the Guarantor
has paid the Guaranteed amount.
ii) The Group is party to various claims and actions. Management
has considered the matters and where appropriate has obtained
external legal advice. No material additional liabilities are
expected to arise in connection with these matters, other than
those already provided for in these condensed consolidated
financial statements.
23 Events after the Reporting Period
i) Subsequent to 30 June 2023, the Group received VAT refunds of
$ 1.1 million. $ 1.0 million was received in the form of VAT bond
certificates and were subsequently sold for the full amount of the
VAT bonds.
ii) On 31 December 2022, the FZ-2 Lease Operating Agreement
(LOA) expired. Trinity obtained an interim renewal of the LOA to 31
March 2023 and obtained a further extension to 30 June and
September 2023 to execute the LOA for the period 1 January 2023 to
30 September 2031. To date of this report, we have not received
formal confirmation of the renewed LOA.
iii) On 29 March 2023, the Group provided six-months' notice to
Heritage to terminate the sub-licence Farm-Out agreement for the
Tabaquite block, which is due to be relinquished by 29 September
2023. This decision was based on the terms of the new sub-licencee
requirements proposed to the Group which makes this sub-licence
uneconomic for Trinity to operate.
iv) The Jacobin-1 well was spudded on 15 May 2023 with an
objective to appraise and explore the potential of Lower Cruse
sandstones within the Palo Seco area of the prolific Southern
Basin. On 7 August 2023, Jacobin-1 was successfully drilled to a
total depth of 10,021 feet and is one of the deepest wells drilled
in recent times within the prolific Palo Seco area, onshore
Trinidad. Over 290 feet of net oil pay was encountered including 63
feet of net oil pay in the deeper exploration targets. A
comprehensive logging and pressure sampling programme has confirmed
virgin pressures in these deeper zones and results validate the
geological model and are within pre-drill range for a commercial
discovery. The well has been cased to 10,021 feet and is being
prepared for a series of production tests that is likely to
commence with the deepest oil-bearing reservoir, and first
production is expected during September 2023.
v) On 21 August 2023, the Company announced that 565,000 options
had been granted under the LTIP in respect of the Company's
performance in the year to 31 December 2022 (the "2022 LTIP
Award"), including 100,000 options granted to Jeremy Bridglalsingh,
Chief Executive Officer, 175,000 options granted to Julian Kennedy,
Chief Financial Officer, (CFO) (of which 100,000 are one-off
options granted on joining the Board), and 100,000 one-off options
granted to the new Chief Operating Officer, (COO) who joined
earlier this year. The 2022 Annual LTIP Award represents 1.42 % of
the Company's current issued share capital. Excluding the one-off
options issued to the CFO and COO concerning their appointments,
the 2022 Annual LTIP Award represents 0.91 per cent of the current
issued share capital of the Company.
vi) On 13 June 2023, Trinity announced its successful bid for
the onshore Buenos Ayres block. Subsequent to H1 2023, we are still
awaiting finalisation of the exploration and production licence
with the MEEI.
vii) On 25 August 2023, the Group agreed an upsized credit
facility providing for an increase of the facility from $ 5.0
million to $ 8.0 million.
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END
IR FFFIFAAIDFIV
(END) Dow Jones Newswires
September 28, 2023 02:00 ET (06:00 GMT)
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