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Trinity Exploration annual output rises 7%
StockMarketWire.com
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Trinidad and Tobago focused oil company Trinity Exploration & Production said its annual output rose 7%.
Average daily production for the year through December increased to 3,226 barrels of oil per day, up from 3,007 bopd in 2019.
The company said it had brought its operating break-even down 23% to $20.50 per barrel.
For the current year, it forecast average daily production of 2,900 - 3,100 bopd, before the drilling of new wells.
Capital expenditure was expected at $6.0 million-to-$8.0 million, also before the drilling of new wells.
'2020 was a successful year for Trinity, notwithstanding the challenging circumstances, as we continued to consistently deliver on our operational and financial targets,' executive chairman Bruce Dingwall sid.
'Looking at the growth initiatives in front of us, we see opportunity in two areas.'
'Firstly, in advancing current developments both onshore and offshore, and secondly, via the strategic partnerships we have recently entered into.'
'This strategy is aimed at pursuing further low-cost appraisal and exploration targets along-side the development of transitional energy projects such as micro LNG, wind and solar power.'
At 9:44am: (LON:TRIN) Trinity Exploration Production share price was 0p at 8.45p
Story provided by StockMarketWire.com
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