Trinity Exploration & Production PLC shares fell on Monday after the company reduced its full-year sales guidance due to a drop in quarterly sales volumes.
The stock was down 11% to 60.06 pence in London on Monday afternoon.
The Leeds-based exploration and production company focused on Trinidad & Tobago said sales volumes for the third quarter of the year fell slightly by 4.2% to 2,705 barrels of oil per day from 2,824 in the second quarter.
The decrease was attributed to ‘extended downtime on a key well’ in the Trintes field in the Galeota block in Trinidad.
As a result, Trinity has updated its production sales guidance for the full year to 2,800 to 2,900 bopd, down from the previous range of 2,800 to 3,100 bopd.
The company also reported an average realised oil price of $72.5 per barrel in the third quarter, up 14% from $63.7 per barrel in the second quarter, but down 14% from $84.3 per barrel a year ago.
Earnings before interest, tax, depreciation and amortisation pre-hedging was $4.6 million for the quarter, up slightly by 2.2% from $4.5 million in the previous quarter but down by 47% from $8.7 million in the corresponding period in 2022.
Looking ahead, Trinity said it had commissioned Petrofac to undertake a study to explore development concepts for the Galeota Block, which has ‘helped to confirm that lower capital intensity projects...are feasible’.
It added that the proposed reforms to the supplemental petroleum tax regime in Trinidad announced earlier this month could strengthen the company’s Eat Coast and West Coast shallow marine licences.
In addition, Trinity reported that preparations for production testing had been underway following the Jacobin oil discovery at Palo Seco onshore Trinidad back in August, noting that the well was cased to 10,021 feet.
Chief Executive Officer Jeremy Bridglalsingh said: ‘During the period, we made significant progress at our important Jacobin well, perforating the lower-most of three oil-bearing zones on 30 September. We had encouraging flow during the initial clean-up phase but, in doing so, produced sand which has temporarily plugged the well. Work to resolve that issue is in train. The oil quality and pressure in the well are very positive.’
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