Trinity Exploration earnings rise on increased production, prices
Source - SMW
Trinidad & Tobago focused oil company Trinity Exploration booked a rise in first-half underlying earnings after production and prices rose.
Pre-tax profit for the six months through June more than halved to £10.1m, down from £25.9m on-year.
The variation, however, was mostly caused by the non-cash revaluation of call options associated with some convertable loan notes.
Adjusted Ebitda rose 58% to £9.3m, as revenue rose 49% to £30.1m.
'This was a transformative period for the company, including the recommencement of drilling activity and continued production growth delivering an uplift in cash generation,' Trinity said.
At 9:51am: (LON:TRIN) Trinity Exploration Production share price was -1.52p at 18.98p