Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, provides an update on operations for the three-month period ended 30 June 2024 ("Q2 2024" or "the Period"). The information contained herein has not been audited and may be subject to further review and amendment.
Q2 2024 Operational Highlights
- Q2 2024 sales volumes averaged 2,522 bopd (Q2 2023: 2,824 bopd, Q1 2024: 2,668 bopd).
- Sales volume declined in the Period due to deferral of some well recompletion and workover activities from Q2 2024 to Q3 2024 on Onshore and East Coast assets.
- The Jacobin well was re-perforated in the Lower Forest horizon in May 2024 and is producing dry oil at a steady rate of 30 bopd.
- The Company maintains its Full-Year 2024 sales volume guidance of 2,600-2,700 bopd.
Average Annual and Quarterly Sales by Region
Asset: Onshore
12m 2023 bopd: 1,495
Q2 2023 bopd: 1,477
Q1 2024 bopd: 1,383
Q2 2024 bopd: 1,303
Asset: East Coast
12m 2023 bopd: 943
Q2 2023 bopd: 985
Q1 2024 bopd: 912
Q2 2024 bopd: 823
Asset: West Coast
12m 2023 bopd: 353
Q2 2023 bopd: 362
Q1 2024 bopd: 373
Q2 2024 bopd: 396
Asset: Total
12m 2023 bopd: 2,790
Q2 2023 bopd: 2,824
Q1 2024 bopd: 2,668
Q2 2024 bopd: 2,522
- During Q2 2024:
- 18 workovers were completed (Q2 2023: 16; Q1 2024: 33).
- There were four recompletions in the Period (Q2 2023: one; Q4 2023: three).
- Swabbing operations continued across Onshore and West Coast assets.
Q2 2024 Financial Highlights
The Group reports its consolidated financial information annually and half yearly, in its Annual Report & Accounts and Interim Results, in accordance with UK adopted International Accounting Standards and the London Stock Exchange's AIM Rules for Companies. Quarterly, the Group provides unaudited information for guidance.
- Average realised oil price of USD 73.2/bbl for Q2 2024 (Q2 2023: USD 63.7/bbl; Q1 2024: USD 69.9/bbl).
- Cash balance of USD 8.0 million (unaudited) at 30 June 2024 versus USD 8.6 million (unaudited) at 31 March 2024 and USD 11.3 million (unaudited) at 30 June 2023.
- The Group had drawn borrowings (overdraft) of USD 3.0 million at 30 June 2024 (USD 4.0 million at 31 March 2024 and USD 2.0 million at 30 June 2023).
Recommended All Share Offer for Trinity by Touchstone Exploration Inc (TSX, LSE: TXP) ("Touchstone")
On 1 May 2024, the board of directors of each of Trinity and Touchstone announced that they had reached agreement on the terms of a recommended all share offer pursuant to which Touchstone will acquire the entire issued and to be issued ordinary share capital of Trinity (the "Acquisition"). The Acquisition is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme").
On 24 June 2024, Trinity announced that at the Court Meeting and General Meeting the requisite majorities of Scheme Shareholders voted in favour of the Scheme at the Court Meeting; and the requisite majority of Trinity Shareholders voted in favour of the Resolution at the General Meeting to give effect to the Scheme by, among other things, amending the articles of association of Trinity.
On 28 June 2024, Trinity and Touchstone announced that all Regulatory and Antitrust Conditions, as set out in Part A of Part Three of the Scheme Document, had been satisfied.
The Acquisition remains subject to the satisfaction or waiver (where capable of being waived) of the remaining Conditions to the Acquisition as set out in Part Three of the Scheme Document, including the Court's sanction of the Scheme at the Court Hearing and the delivery of a copy of the Court Order to the Registrar of Companies.
The Court Hearing is currently scheduled for 31 July 2024, and Trinity will inform Shareholders of any changes to the date and time, by issuing an announcement through a Regulatory Information Service. The Scheme is expected to become Effective on 1 August 2024.
