Trinity Exploration & Production PLC - exploration and production company, focused on oil projects in Trinidad & Tobago - Says the Trinidad & Tobago Finance Act 2023, approved by the country’s president in December, has now taken effect. The act drops the supplemental petroleum tax rate for small shallow marine area producers, defined as petroleum producers in marine areas producing less than 4,000 barrels of crude oil per day. All existing offshore production as well as future growth projects which fall under this limit ‘will benefit significantly from this reform’, Trinity says.

Trinity Chief Executive Officer Jeremy Bridglalsingh says: ‘We welcome this proactive approach from the government which will provide us with additional growth opportunities. These reforms will positively affect our cashflow throughout 2024 and be of material benefit to the company’s growth projects’.

Current stock price: 45.63 pence per share, up 11% in London on Thursday afternoon.

12-month change: down 57%

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