Trinity Exploration earns US$123.8m in revenues
Trinity Exploration and Production has recorded revenues of US$123.8 million, and earnings before interest, taxes, depreciation and amortisation (EBITDA) of $34.8 million for the year ending December 31, 2013.
In is an improvement in the company’s performance in 2012, where it recorded revenues of US$77.7 million and EBITDA of US$24.1 million.
Other financial highlights included cash inflow from operating activities of US$17.0 million (2012: US$3.7 million); operating profit before exceptional items of US$21.6 million (2012: US$ 16.4 million); operating profit after exceptional items of US$50.4 million (2012: US$ 1.0 million loss).
The company also reported that had secured US$25 million in additional debt facility to fund future growth.
Some of its operating highlights included an average fourth quarter 2013 production of 4,200 barrels of oil equivalent per day (boepd); production growth of 23 per cent since taking operational control (of the former Bayfield holdings) on 14 February 2013; and delivered and reserves growth of 34 per cent versus year end 2012 (excluding TGAL-1 discovery). The company was also the third most active driller in Trinidad during 2013, completing nine onshore development wells, one offshore development well and two offshore exploration wells, it said in a statement Wednesday.
The company said its outlook for 2014 includes a net average production rate of about 3,800 – 4,500 boepd, as well as production growth through infill drilling and recompletions.
Trinity’s chief executive Joel “Monty” Pemberton said 2013 was an “exciting and transformational year” for the company.
“Having successfully raised US$90 million in February, the focus has been on drilling activities to grow our production and reserves. In 2013 Trinity was the third most active driller in Trinidad and our TGAL discovery was the only successful exploration well in Trinidad during the year. This discovery reaffirms our confidence in the Galeota block and the key priority is to develop a cost efficient development plan within the shortest possible time frame. Our continued focus on improving drilling performance is beginning to yield positive results and we expect to see further benefits over time.
The Trinidad upstream industry continues to evolve and Trinity is pursuing various business development opportunities to further growth the Company in line with the existing business model,” Pemberton said.