Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, today provides an update on its operations for the three-month period ended 30 June 2018.
This was a pivotal period for the Company with onshore production commencing at two new infill wells and the announcement of a US$20.0 million fundraise, completed post the period end, to further accelerate onshore activities and facilitate full repayment of all outstanding debt.
Q2 Operational Highlights
- Group average production volumes were 2,821 bopd for the three-month period (Q2) ended 30 June 2018 (Q1 2018: 2,721 bopd)
- 4% increase in quarter on quarter Group production volumes from Q1 levels
- 16% increase in year on year Group production for H1 2018 with average sales of 2,771 bopd (H1 2017: 2,397 bopd)
- Production levels during Q2 2018 were impacted by equipment and maintenance issues on two key offshore wells (both now back on production)
- A total of 3 RCPs (Q1: 4) and 29 workovers (Q1: 33) were completed during the period, with swabbing operations executed across all onshore assets
- Two new infill development wells commenced production in Q2 2018, with an initial programme of six new onshore infill wells to commence during H2 2018
- Drilling contract signed for the initial six well campaign