Trinity production up 7.4%
Monday, November 13 2017 @ 08:37 AM AST
Contributed by: elijose
In an update on its operations for the three-month period ended September 30, London-listed Trinity Exploration & Production plc yesterday (Nov. 13) announced a 7.4 per cent quarter on quarter increase in group average production volumes to 2,506 barrels of oil per day (bopd) for the three-month period ended September 30 (Q3) versus Q2's 2,333 bopd. The company said in a statement the "increase in production (was) achieved through implementing Trinity's planned programme of recompletions, workovers, reactivations and swabbing."
Further profitable production growth was achieved since the quarter end, with an average production rate of 2,754 bopd recorded in October 2017, the company said.
Trinity said it had a cash balance of US$12.3 million as at September 30 and liabilities continue to reduce with quarterly repayments to the Board of Inland Revenue and Ministry of Energy and Energy Industries continuing to be made in line with the ratified payment plan.
Trinity said it expects to continue in this direction during Q4 ahead of initiating drilling operations in Q1 2018.
Trinity Executive Chairman Bruce Dingwall said: "As a board, we have continued to maintain financial discipline on our capital spend and operating costs during the period. Our focus on the low hanging fruit, through our recompletion, reactivation, swabbing and workover programme has resulted in a 7.4 per centquarter-on-quarter increase in production and we anticipate further growth in production and profitability during the remainder of the year."