Trinity Exploration & Production Fiscal Reform: Trinidad & Tobago Finance Act 2023 (5874Y)
04 Enero 2024 - 1:00AM
UK Regulatory
TIDMTRIN
RNS Number : 5874Y
Trinity Exploration & Production
04 January 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.
4 January 2024
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Fiscal Reform: Trinidad and Tobago Finance Act 2023
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago, is
pleased to announce that further to previous announcements, the
Trinidad and Tobago Finance Act 2023 ("The Act") was assented to by
the President on 20 December 2023 and is now in effect.
The Act (
https://www.ttparliament.org/wp-content/uploads/2023/12/a2023-15.pdf
) includes reforms to the Supplemental Petroleum Tax ("SPT")
regime. In particular, effective 1 January 2024, the SPT rates
applicable to Small Shallow Marine Area Producers are shown in the
table below. The Act defines Small Shallow Marine Area Producers as
"a person who carries out petroleum operations in shallow marine
areas under a license, sub-license or contract and produces less
than four thousand barrels of crude per day". Based on this
definition, all of Trinity's existing offshore production as well
as future growth projects that fall within this production
threshold, will benefit significantly from this reform.
Previous SPT - Shallow Marine Amended SPT - Shallow Marine
------------------------------------- -----------------------------------
Oil Price (USD) Rate of SPT Oil Price (USD) Rate of SPT
------------------- ---------------- ----------------- ----------------
$0.00 to $50.00 0% $0.00 to $75.00 0%
$50.01 to $70.00 15%
$70.01 to $90.00 20% $75.01 to $90.00 18%
$90.01 to $200.00 20% + 0.2% (P - $90.01 to $200.00 18% + 0.2% (P -
USD 90.00) USD 90.00)
$200.01 and $200.01 and
over 42% over 40%
------------------- ---------------- ----------------- ----------------
Note: P = weighted average crude oil price in USD.
SPT liability for Trinity's offshore production is estimated at
USD4-5m for 2023 and we expect a similar amount, adjusted for
production, to be additional operating cash flow in 2024 and
future, at current long term oil price forecasts, which suggests
that the realised price will be below USD75/bbl.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity,
commented:
"We welcome this proactive approach from the Government which
will provide us with additional growth opportunities. These reforms
will positively affect our cashflow throughout 2024 and be of
material benefit to the Company's growth projects, in particular
the Trintes and wider Galeota developments."
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
(Nominated Adviser and Financial Adviser)
Mark Brady
James Keeshan +44 (0)20 3368 3550
Cavendish Capital Markets Limited (Broker)
Leif Powis
Derrick Lee +44 (0)20 7397 8900
Neil McDonald +44 (0)131 220 6939
Vigo Consulting Limited t rinity @vigoconsulting.com
Finlay Thomson +44 (0)20 739 0
Patrick d'Ancona 0230
About Trinity ( 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 ten licences and, across all of the
Group's assets, management's estimate of the Group's 2P reserves as
at the end of 2022 was 17.96 mmbbls. Group 2C contingent resources
are estimated to be 48.88 mmbbls. The Group's overall 2P plus 2C
volumes are therefore 66.84 mmbbls.
Trinity is quoted on AIM, a market operated and regulated by the
London Stock Exchange Plc, under the ticker TRIN.
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END
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