Trinity Exploration & Production said the last few months have been about strengthening the foundation of the company by identifying and working on retaining asset integrity and maturing the pathways for value-creating production growth.
"The significant reductions to both OPEX and G&A costs achieved so far, have enabled the company to maintain and enhance cash margins despite a lower oil price environment," said executive chair Bruce Dingwall.
"To date, the group has also put hedging in place (through the purchasing of put options) which covers over 35% of the Group's production should the WTI oil price fall below US$40.0/bbl over the next 12 months," Dingwall said.
He added that these steps in conjunction with cash balances as at 31 May 2017 of $12.4m meant it was well placed to grow as a producing, cash flow positive business of scale.
At 9:51am: (LON:TRIN) Trinity Exploration Production share price was +0.13p at 11.38p