Trinity Exploration & Production PLC - exploration and production company, focused on oil projects in Trinidad & Tobago - Says sales volumes for fourth quarter of 2023 averaged 2,736 barrels of oil per day, up 1.1% from 2,705 barrels in the third quarter. Full-year volumes averaged 2,790 bopd, down 6.2% from 2,975 bopd in 2022 and ‘marginally below’ previous guidance of between 2,800 and 2,900 bopd. Quarterly onshore sales averaged 1,462 bopd, down 2.1% from 1,493. Average realisation of $71.6 per barrel in the fourth quarter is down from $75.4 the prior year. Pre-hedging earnings before interest, tax, depreciation and amortisation decreases to $4.1 million from $7.0 million.

Company also says flow rates at two Lower Cruse 1 zones, recently perforated at Jacobin-1 in Trinidad, were materially below expectations in early January. Says rates have progressively declined since ‘encouraging’ initial results in mid-December. Trinity now plans to convert the well to pumped production.

Current stock price: 40.00 pence, down 10% on Thursday

12-month change: down 62%

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