Trinity, the leading independent E&P company focused on Trinidad and Tobago, is pleased to present its
preliminary financial results for year ended 31 December 2013.
Financial highlights
- Closed acquisition and re‐admission process in February 2013, concurrently raising USD 90 million of equity
- Revenues of USD 123.8 million (2012: USD 77.7 million)
- EBITDA of USD 34.8 million (2012: USD 24.1 million)
- Cash inflow from operating activities of USD 17.0 million (2012: USD 3.7 million)
- Operating profit before exceptional items of USD 21.6 million (2012: USD 16.4 million) Operating profit after exceptional items of USD 50.4 million (2012: USD 1.0 million loss)
- Cash balances of USD 25.1 million at 31 December 2013 (2012: USD 22.7 million)
- Secured USD 25.0 million additional debt facility to fund the Company’s future growth
- Led fiscal lobbying to secure increased capital allowances
Operating highlights
- Exited 2013 with average Q4 production of 4,200 boepd
- Delivered production growth of 23% since taking operational control on 14 February 2013
- Delivered and reserves growth of 34% versus year end 2012 (excluding TGAL‐1 discovery)
- Third most active driller in Trinidad during 2013 completing nine onshore development wells, one offshore development well and two offshore exploration wells
- Drilled the successful TGAL‐1 exploration well offshore the East Coast with estimated original oil in place (“OOIP”) of 50‐115 million barrels (“mmbbl”)
- Converted Petrotrin’s working interest at Trintes to an overriding royalty in order to increase operating flexibility
- Successfully integrated two businesses and delivered all operations safely
Outlook
- 2014 net average production rate expected to be 3,800 – 4,500 boepd
- Production growth through infill drilling and recompletions
- Pilot new “J” type well design at Trintes field to improve initial production rates and recoverable volumes per well
- Targeting FDP submission for TGAL‐1 discovery by Q1 2015 to deliver first oil as rapidly as possible
- Accelerate high grading of exploration prospects along the Galeota Ridge. On success, these prospects will form part of a phased Galeota Ridge development
- Actively review business development opportunities in Trinidad consistent with the Company’s
- stated strategy
Joel “Monty” Pemberton, Chief Executive Officer of Trinity, commented:
“2013 was an exciting and transformational year for Trinity. Having successfully raised USD 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.”