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Trinity Exploration & Production PLC - Leeds-based oil exploration company focused on Trinidad & Tobago - Keeps production guidance for 2022 unchanged at 2,900 to 3,100 barrels of oil per day. Meanwhile, in the third quarter that ended September 30, production falls to 2,990 bopd from 3,019 bopd in the second quarter, but beats 2,923 bopd in the third quarter of 2021. For the third quarter of 2022, the firm announces a 25% increase in operating cash flow before corporation tax and pre-hedging.
However, it says that the planned horizontal well is now expected to be drilled in the second quarter of 2023, delayed due to extended supply chain lead times for specialist drilling tools. Looking ahead, firm touts:
"The company's successful drilling campaign, along with its programme of workovers and recompletions, is forecast to lead to a material increase in operating cash flow for 2023".
Current stock price: 117.35 pence, down 5.0% on Wednesday
12-month change: down 25%
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