AGM Statement

RNS Number : 8999Z

Trinity Exploration & Production

23 May 2019

 

Trinity Exploration & Production plc

("Trinity" or "the Group" or "the Company") 

AGM Statement

Trinity (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, will hold its Annual General meeting today at 10.00am (UK time) at the offices of Pinsent Masons LLP, 30 Crown Place, Earl Street, London EC2A 4ES. Immediately following the AGM a brief presentation will be given to shareholders by Executive Chairman, Bruce Dingwall. No material new information will be made public and the presentation will be made available on the Company's website at www.trinityexploration.com.

At the meeting Trinity's Executive Chairman, Bruce Dingwall, will make the following statement:

"Since last year's AGM Trinity has taken the necessary steps to ensure that strong foundations are in place for continued growth while also setting a path for game-changing longer-term development.

"Last year saw the Company become debt free and recommence our onshore drilling campaign with eight development wells successfully completed and put on production. Furthermore, the wider opportunity set has expanded with the restructuring of the National Oil Company, Petrotrin (now Heritage) providing additional growth opportunities for the Company in the region. To that end, we are working closely with Heritage, negotiating new licencing models whilst also focusing on several potential joint venture opportunities.

"Following the 2017 restructuring, our first priority was to ensure operational stability and so our initial focus was on low cost recompletions and workovers.  During 2018 we raised capital allowing us to become debt free and to fully fund onshore drilling activities - and have already seen the initial benefits as we exited 2018 with production in excess of 3,000 bopd and a cash plus working capital surplus of approximately $18 million. Last year's strong operating performance resulted in increased production and growing revenues, reserves, EBITDA and margins underpinned by tight cost controls. Importantly, we expect to maintain this momentum in the coming years.

"In the near-term we will update shareholders as we commence our 2019 onshore drilling campaign of up to eight new wells early in the second half of the year. Crucially, this will include our first high-angled well which could potentially lead to a significant increase in initial production rates and returns in the short to medium term.

"We are also continuing to work up the significant medium term offshore opportunity at TGAL while also exploring a number of innovative workplans that would further differentiate our model by utilising new technologies. Having proven and funded our near-term growth cycle, given our strong capital position, asset and reserves base we believe we are extremely well placed to respond to the additional opportunities opening up in Trinidad and to generate attractive returns for shareholders. As a Board and Management team we hold 23% of the equity and remain highly focused on delivering for all shareholders over the short, medium and longer term.

"On behalf of the Board, I must thank all our staff and suppliers in T&T for their diligence, commitment and support which has allowed Trinity to focus on growth whilst maintaining a safe working environment. The Board would additionally like to take this opportunity to thank existing shareholders and other stakeholders, notably Petrotrin, Heritage, BIR, and the MEEI, for their support and to welcome new shareholders as we move forward with a strong balance sheet and well placed to add value from the opportunities arising in the changing environment in T&T."

Enquiries

For further information please visit www.trinityexploration.com or contact:

Trinity Exploration & Production plc	[phone]
Bruce Dingwall CBE, Executive Chairman Jeremy Bridglalsingh, Chief Financial Officer Tracy Mackenzie, Corporate Development Manager
SPARK Advisory Partners Limited (Nominated Adviser and Financial Adviser)	[phone]
Mark Brady Miriam Greenwood Andrew Emmott
Cenkos Securities PLC (Broker)
Joe Nally (Corporate Broking) Neil McDonald Beth McKiernan Derrick Lee Pete Lynch	[phone] [phone]
Whitman Howard Limited (Equity Adviser)	[phone]
Nick Lovering Hugh Rich
Walbrook PR Limited	[phone]
Nick Rome	[e-mail]

About Trinity (www.trinityexploration.com)

Trinity is an independent oil and gas exploration and production company focused solely on Trinidad and Tobago.  Trinity operates producing and development assets both onshore and offshore, in the shallow water West and East Coasts of Trinidad. Trinity's portfolio includes current production, significant near-term production growth opportunities from low risk developments and multiple exploration prospects with the potential to deliver meaningful reserves/resources growth.  The Company operates all of its nine licences and, across all of the Group's assets, management's estimate of 2P reserves as at the end of 2018 was 24.5 mmbbls. Group 2C contingent resources are estimated to be 18.8 mmbbls. The Group's overall 2P plus 2C volumes are therefore 43.3 mmbbls.

Trinity is quoted on the AIM market of the London Stock Exchange under the ticker TRIN.

 

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