Trinity Exploration & Production Trinidad and Tobago 2018 Budget Highlights
03 Octubre 2017 - 9:05AM
RNS Non-Regulatory
TIDMTRIN
Trinity Exploration & Production
03 October 2017
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Trinidad and Tobago 2018 Budget Highlights
Trinity, the independent E&P company focused on Trinidad and
Tobago is pleased to note proposed reforms encouraging investment
in the energy sector included in yesterday's Budget Statement in
Trinidad, which could have a positive impact on future trading for
the Company.
The Statement specifically addresses the Energy Tax Regime:
We have started a review of the energy tax regime in order to
simplify and rationalise the terms of both Production licences and
Production Sharing contracts. The main objectives of this reform
are to encourage investment in the energy sector and raise the
Government's revenue-take
Critical areas being addressed are:
-- Making the Supplemental Petroleum Tax responsive not to price
but to underlying profitability;
-- Extending the Supplemental Petroleum Tax to gas, which is now
the country's main petroleum product;
-- Reconciling and simplifying the fiscal regimes applicable to
the exploration and production and production sharing systems;
and
-- Standardising and uniformly applying appropriate royalty
rates to all crude oil, condensate and gas.
Negotiations between the energy companies and the Government are
well advanced and we expect to be in a position to present the new
oil and gas fiscal regime before the end of this year.*
Bruce A. I. Dingwall CBE, Executive Chairman of Trinity,
commented:
"This could prove to be an extremely important change for the
Company in terms of bottom line economics and Company valuation.
The Government is aligned with Trinity in seeking to increase oil
production and once the terms of the changes to SPT are clear we
will then be in a position to quantify what the effect on the
Company will be.
"On the face of it this announcement looks like good news and we
continue to work hard on building on the strong first half and look
forward to updating the market further in due course."
* extract taken from full Budget Statement available here
http://www.finance.gov.tt/wp-content/uploads/2017/10/BUDGET-STATEMENT-2018-BOOKLET-faw.pdf
Enquiries:
Trinity Exploration & Production Tel: +44 (0) 131 240 3860
Bruce Dingwall, Executive Chairman
Jeremy Bridglalsingh, Chief Financial
Officer
SPARK Advisory Partners Limited (NOMAD Tel: +44 (0) 203 368 3550
& Financial Adviser)
Mark Brady
Miriam Greenwood
James Keeshan
Cantor Fitzgerald Europe (Broker) Tel: +44 (0) 207 894 7000
David Porter
Sebastien Maurin
Whitman Howard Limited (Equity Advisor) Tel: +44 (0) 207 659 1234
Nick Lovering
Walbrook PR Limited trinityexploration@walbrookpr.com
Nick Rome or Tel: +44 (0) 207 933
8780
About Trinity (www.trinityexploration.com)
Trinity is an independent oil and gas exploration and 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 nine
licences and, across all of the Group's assets, management's
estimate of 2P reserves as at the end of 2016 was 21.3 mmbbls.
Group 2C contingent resources are estimated to be 21.1 mmbbls. The
Group's overall 2P plus 2C volumes are therefore 42.3 mmbbls.
Trinity is listed on the AIM market of the London Stock Exchange
under the ticker TRIN.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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