Trinity Exploration production flattens in first quarter
Source - SMW
Trinity Exploration & Production said first-quarter output was flat after it focused its drilling efforts on new wells in Trinidad and Tobago.
Group average production volumes totalled 2,721 barrels of oil per day, similar to 2,777 bopd recorded in the previous quarter.
There was a marked fall in re-completion drilling as the company deployed its primary workover rig to the completion of two new development wells, which it said should contribute to higher production levels from the second quarter onward.
'The company continues to focus on carefully managed high margin profitable production,' chairman Bruce A. I. Dingwall said.
'Our proven low-cost production model continues to be highly cash generative, enabling the company to pay down debt faster than anticipated.'
At 9:39am: (LON:TRIN) Trinity Exploration Production share price was +0.43p at 19.43p