Trinity, the independent E&P company focused on Trinidad and Tobago, increased its operating earnings by 77% to US$11m in the 12 months ended 31 December 2017.
The operating margin increased from 17.6% to 24.3% or US$6.7/bbl to US$12/bbl.
The average realised oil price rose 23% to US$48.6/bbl.
The company's cash balance increased by 55% to US$11.8m.
Bruce Dingwall CBE, executive chairman of Trinity, said: "2017 was a year that was characterised by the stabilisation of production and the building of well inventory in H1 and a return to production growth in H2. Our low-cost production model has underpinned a significant increase in operating profits, affording the company the opportunity to accelerate debt repayment whilst also increasing cash balances. The combination of our strong balance sheet and proven ability to grow production ensures that the company is well placed to realise further value in 2018 and beyond."
At 9:20am: (LON:TRIN) Trinity Exploration Production share price was -1.1p at 26.3p