Trinity Exploration & Production has issued its interim results for the six months ended 30th June 2016. The highlights are:
- With no capital investment aimed towards increasing production, Trinity's subsidiaries (together "the Group") average H1 2016 net production levels declined 14% to 2,659 boepd (H1 2015: 3,085 boepd). Net Q2 2016 production averaged 2,661 boepd
- Continued success in establishing a leaner, more efficient operating cost base with pre-tax operating expenditure ("OPEX") reduced by 27% year-on-year to USD 8.7 million (H1 2015: USD 12.0 million)
- General and Administrative ("G&A") costs reduced by 68% year-on-year to USD 1.8 million (H1 2015: USD 5.7 million)
- Average realised oil price of USD 32.8/bbl for 2016 (H1 2015: USD 50.0/bbl)
- Revenues of USD 16.1 million (H1 2015: USD 27.8 million)
- EBITDA before exceptional items of USD 1.5 million (H1 2015: USD 1.6 million)
- Cash balance at period end of USD 5.1 million (H1 2015: USD 8.2 million).