Trinity Exploration - Q2 2024 Corporate Update
19/07/2024 11:31
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RNS Number : 0217X Trinity Exploration & Production 19 July 2024
This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation No 596/2014 which is part of English
Law by virtue of the European (Withdrawal) Act 2018, as amended. On
publication of this announcement via a Regulatory Information Service, this
information is considered to be in the public domain.
19 July 2024
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Q2 2024 Corporate Update
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 12m 2023 Q2 2023 Q1 2024 Q2 2024
bopd bopd bopd bopd
Onshore 1,495 1,477 1,383 1,303
East Coast 943 985 912 823
West Coast 353 362 373 396
Total 2,790 2,824 2,668 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.
- Ends -
Enquiries:
Trinity Exploration & Production plc Via Vigo Consulting
Jeremy Bridglalsingh, Chief Executive Officer
Julian Kennedy, Chief Financial Officer
Nick Clayton, Non-Executive Chairman
SPARK Advisory Partners Limited +44 (0)20 3368 3550
(Nominated Adviser and Financial Adviser)
Mark Brady
James Keeshan
Cavendish Capital Markets Limited (Broker) +44 (0)20 7397 8900
Leif Powis +44 (0)131 220 6939
Derrick Lee
Neil McDonald
Vigo Consulting Limited t (mailto:trinity@vigoconsulting.com) rinity
(mailto:trinity@vigoconsulting.com) @vigoconsulting.com
Finlay Thomson (mailto:trinity@vigoconsulting.com)
Patrick d'Ancona +44 (0)20 7390 0230
About Trinity (www.trinityexploration.com (http://www.trinityexploration.com)
)
Trinity is an independent oil production company focused solely on Trinidad
and Tobago. Trinity operates producing and development assets both onshore
and offshore, in the shallow water West and East Coasts of Trinidad.
Trinity's portfolio includes current production, significant near-term
production growth opportunities from low-risk developments and multiple
exploration prospects with the potential to deliver meaningful
reserves/resources growth. The Company operates all of its licences and,
across all of the Group's assets, management's estimate of the Group's 2P
reserves as at the end of 2023 was 12.91 mmstb. Group 2C contingent
resources are estimated to be 38.68 mmstb. The Group's overall 2P plus 2C
volumes are therefore 51.58 mmstb.
On 1 May 2024, the board of directors of each of Trinity and Touchstone
Exploration Inc (TSX, LSE: TXP) ("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"). Further information on the Acquisition can be found on Trinity's
website at: https://trinityexploration.com/investors/touchstone-offer/
(https://trinityexploration.com/investors/touchstone-offer/) .
Trinity is quoted on AIM, a market operated and regulated by the London Stock
Exchange Plc, under the ticker TRIN.
Qualified Person's Statement
The technical information contained in the announcement has been reviewed and
approved by Mark Kingsley, Trinity's Chief Operating Officer. Mark Kingsley
(BSc (Hons) Chemical Engineering, Birmingham University) has over 35 years of
experience in international oil and gas exploration, development and
production and is a Chartered Engineer.
Disclaimer
This document contains certain forward-looking statements that are subject to
the usual risk factors and uncertainties associated with the oil exploration
and production business. Whilst the Group believes the expectation reflected
herein to be reasonable in light of the information available to it at this
time, the actual outcome may be materially different owing to macroeconomic
factors either beyond the Group's control or otherwise within the Group's
control.
Publication on Website
In accordance with Rule 26.1 of the Takeover Code a copy of this announcement
will be available free of charge, subject to certain restrictions relating to
persons resident in restricted jurisdictions, on the investor relations
section of Trinity's website at
https://trinityexploration.com/investors/touchstone-offer/ by no later than
12.00 noon (London time) on the business day immediately following this
announcement. The content of the website referred to in this announcement is
not incorporated into and does not form part of this announcement.
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