Trinity Exploration & Production PLC on Tuesday guided for similar sales in 2023 to what it achieved in 2022, as it was awarded the Buenos Ayres oil block in Trinidad & Tobago.

Shares in Trinity Exploration were up 5.0% to 84.00 pence each in London on Tuesday morning.

The Trinidad & Tobago-focused exploration and production company said its sales guidance for 2023 is 2,800 to 3,100 barrels of oil per day. This compares to the 2,975 barrels of oil per day sold in 2022. This would mean anything between a decline in output of 5.9% and a rise of 4.2%.

In the first quarter of the 2023, the average daily rate was 2,899 barrels, Trinity said.

It expects capital expenditure to range between $16 million and $18 million across 2023, rising 3.2% to 16% from $15.5 million in 2022.

Operating cashflow guidance for 2023 is $10 million to $12 million, ranging from flat to falling 17% from $12 million in 2022.

Trinity Exploration awarded the Buenos Ayres oil block in the 2022 onshore and nearshore competitive bid round by the Trinidad & Tobago ministry of energy & energy industries.

It said the ministry invited Trinity to commence discussions for the grant of an exploration and production licence.

Trinity Exploration said it expects to be the block’s operator with an 85% interest. State-owned oil company Heritage Petroleum Co Ltd will have a 15% working interest which Trinity will carry during the exploration phase.

The Buenos Ayres block covers approximately 41 kilometres squared and is immediately west of Trinity’s existing producing Palo Seco blocks WD-5/6, WD-2 and PS-4, it said. It contains multiple stacked target reservoirs of the Lower Forest, Upper Cruse and Lower Cruse, which are the most productive reservoirs in Trinidad’s southern basin with over 250.0 million barrels of oil produced to date.

Trinity Exploration said the work programme comprises four exploration wells and technical studies over the six-year initial licence period.

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