Oil and gas exploration and production company Trinity Exploration & Production PLC (LON: TRIN) announces positive fundamentals and operational progress during the first half of 2019.
On a year-on-year comparison, average net production rose by 9% during the first half, up to 3,008 bopd. This led on-year revenue growth of 7%, to US $32.2 million, and a 20% on-year increase in adjusted EBITDA, which rose from $9.3 million to $11.2 million.
The Company added that it achieved 5 recompletions during the first half (down from 7 on-year), and 71 workovers and reactivations (up from 62 during H1 2018).
Trinity Exploration & Production comments
Bruce Dingwall CBE, Executive Chairman, said,
“The first half of the year delivered another strong performance as Trinity continued to increase base production levels whilst controlling costs, deriving further operating efficiencies ahead of the recommencement of our onshore drilling programme. Importantly, with our financial performance demonstrating the success of our near-term strategy, we also continued to progress longer-term objectives with regards to our offshore opportunity.”
“Our strong balance sheet and robust base production mean that we are delivering on our financial and production targets, and at the same time, ensuring that we can take advantage of any strategic opportunities that may arise. We remain focused on maximising output and returns for shareholders and continue to evaluate the best ways of protecting and enhancing those returns through prudent treasury management, industry leading operating practices and technical innovation. Given the strength of our business model, the ongoing work programme and visibility afforded by our balance sheet, we continue to face the future with confidence.”
The Company’s shares have rallied 1.85% or 0.21p to 11.46p per share 10/09/19 15:11 BST. Neither a p/e ratio nor a dividend yield are available for the Group, their market cap is £44.65 million.
Elsewhere in the oil and gas sector, there have been updates from; Baron Oil PLC (LON: BOIL), Cabot Energy PLC (LON: CAB), Reabold Resources PLC (LON: RBD), Eco Atlantic Oil and Gas Ltd (AIM: EOG), Valeura Energy Inc.(LON: VLU), President Energy PLC (LON: PPC) and Mosman Oil and Gas Limited (AIM: MSMN).