Trinity Exploration 2T’s oil production fell from the previous quarter
By Anthony O. Goriainoff
Trinity Exploration & Production PLC said on Thursday that second-quarter oil production was lower than the first, but withstood the Trinidad and Tobago state of emergency due to Covid-19 and given that ‘no new wells have been drilled.
The oil and gas company, focused on Trinidad and Tobago, said production volumes for the remainder of 2021 will depend on several factors, including general market conditions and whether or not they support the economic case for the resumption of drilling activities, as well as the high grade of high angle and horizontal wells in its drilling inventory.
Trinity still expects average net oil production in 2021 to be in the range of 2,900 to 3,100 barrels per day, even if drilling does not resume in the near term, he said.
For the three months ended June 30, oil production averaged 3,047 barrels per day, up from 3,107 barrels per day in the first quarter, the company said. Trinity said this gave an average for the first half of 3,032 barrels per day.
“The company remains well positioned to pursue multiple organic and inorganic growth opportunities across the energy spectrum … Partnerships will continue to play an important role in enhancing our capabilities, reducing risk and increasing of our ability to win mandates, ”said Bruce Dingwall, Executive Chairman. .
Shares at 0832 GMT were down 1 pence, or 0.6%, to 162.50 pence.
Write to Anthony O. Goriainoff at [email protected]