TIDMTRIN
RNS Number : 4329Q
Trinity Exploration & Production
19 June 2020
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
AGM Statement
Trinity (AIM: TRIN), the independent E&P company focused on
Trinidad and Tobago, will hold its Annual General meeting today at
midday (UK time) outside the offices of Pinsent Masons LLP, Princes
Exchange, 1 Earl Grey Street, Edinburgh EH3 9AQ. Shortly after the
AGM a brief live presentation will be given via the Investor Meet
Company platform.
Investors can sign up to the event for free via:
https://www.investormeetcompany.com/trinity-exploration-production-plc/register-investor
and add Trinity Exploration to attend the presentation. The
presentation, hosted by Executive Chairman Bruce Dingwall and
Managing Director Jeremy Bridglalsingh, will commence at 14.30 (UK
time) and will be followed by an opportunity for Q&A. No
material new information will be made public and the presentation
will be made available on the Company's website at
www.trinityexploration.com.
At the AGM, Trinity's Executive Chairman, Bruce Dingwall, will
make the following statement:
"With regards to our 2019 results, we delivered another strong
operational and financial performance as well as deploying new
operating approaches, technologies and techniques, with the aim of
becoming a more technologically focused operator and thereby
driving optimum operational, financial and environmental
performance. Despite lower oil price realisations, these
efficiencies helped deliver another year of growth in our Adjusted
EBITDA to US$ 21.8 million (+14%), an increase in year end cash
balances to US$ 13.8 million (+35%), and a further reduction in our
operating break-even to US$ 26.4/bbl (-9%).
"Even more impressive, however, is the further improvement in
both our operational and financial performance under the extremely
difficult conditions which have prevailed since the year end.
Despite the impact of Covid-19, we have maintained operations
across all of our fields and production levels are at a five year
high - a year to date average of 3,269 bopd, compared to 3,007 bopd
for 2019, with unaudited cash balances at the end of April 2020 of
approximately US$ 16.3 million. On sale of the VAT Bonds -
announced on 1 June 2020 - proforma cash balances are expected to
be approximately US$ 19.1 million (equivalent to approximately 4.0p
per share, or c.50% of our market capitalisation).
"Furthermore, your Company is on track to deliver a 2020 full
year average operating break-even (inclusive of hedging income) of
US$ 20.5/bbl versus a year to date average oil price realisation of
US$36.4/bbl and a current WTI oil price of US$ 37.96/bbl. This is
expected to further strengthen our already strong liquidity
position and enhance your Company's ability to take advantage of
growth opportunities that may arise as a consequence of the current
low oil price environment.
"Looking ahead, in the near-term we will update shareholders
when the sale of the VAT Bonds has concluded, and we also hope to
be able to provide further updates on improved commercial terms
which we are aiming to achieve across our portfolio of licences -
to the mutual benefit of all stakeholders.
"We continue to advance the significant offshore opportunity at
our Galeota Development, TGAL, working with international industry
partner suppliers to refine the development solution with the aim
of utilising new technologies to deliver a low carbon step-change
to Trinidad's oil production. Peak production from the new Echo
platform is expected to be in the order of 5,000 - 6,000 bopd
(3,250 - 3,900 bopd net to Trinity's 65% interest).
"Given our strong capital position, assets and reserves base, we
believe we are extremely well placed to respond to additional
opportunities in Trinidad and to generate attractive returns for
shareholders. As a Board and Management team we hold 22% of the
Company's equity and remain highly focused on delivering for all
shareholders over the short, medium and longer term.
"We have been able to deliver consistent growth as a result of
all of our staff, who have been working not only extremely hard but
also smartly to keep operations running ahead of expectations and
providing critical revenues and support to the country during these
unprecedented times. The professionalism amongst our team of
talented and innovative people makes us not only proud but also
confident in our ability to withstand even the most extreme
challenges and to emerge stronger and more focused on delivering
for shareholders in an environment that demands creative solutions
in order to outperform.
"All the while we continue to pursue an increasingly rigorous
Environmental, Social and Governance approach to everything we do
to not only help us make the right decisions for our corporate and
ecological environment but also our local communities and partners.
The welcome by product is not only a reduced carbon footprint but
also visibility on further means to facilitate additional
operational efficiencies and cost savings.
"On behalf of the Board, I must thank all our staff and
suppliers in T&T for their diligence, commitment and support
which has allowed Trinity to continue to operate whilst maintaining
a safe working environment despite such challenging times. The
Board would additionally like to take this opportunity to thank our
fellow shareholders and other stakeholders, notably Heritage, the
BIR, and the MEEI, for their support and to welcome new
shareholders as we move forward with a strong balance sheet and
well placed to add value from current and future
opportunities."
For further information please visit: www.trinityexploration.com or contact:
Trinity Exploration & Production plc +44 (0)131 240 3860
Bruce Dingwall CBE, Executive Chairman
Jeremy Bridglalsingh, Managing Director
& Chief Financial Officer
Tracy Mackenzie, Corporate Development
Manager
SPARK Advisory Partners Limited (Nominated
Adviser and Financial Adviser) +44 (0)20 3368 3550
Mark Brady
Cenkos Securities PLC (Broker)
Joe Nally (Corporate Broking)
Neil McDonald +44 (0)20 7397 8900
Derrick Lee +44 (0)131 220 6939
Walbrook PR Limited +44 (0)20 7933 8780
Nick Rome trinityexploration@walbrookpr.com
About Trinity
Trinity is an independent oil and gas exploration and 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 nine
licences and, across all of the Group's assets, management's
estimate of 2P reserves as at the end of 2019 was 20.9 mmbbls.
Group 2C contingent resources are estimated to be 20.1 mmbbls. The
Group's overall 2P plus 2C volumes are therefore 41.1 mmbbls.
Trinity is quoted on the AIM market of the London Stock Exchange
under the ticker TRIN.
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contact rns@lseg.com or visit www.rns.com.
END
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