Trinity Exploration & Production Trinidad and Tobago Budget Highlights (5719O)
04 Octubre 2023 - 1:00AM
UK Regulatory
TIDMTRIN
RNS Number : 5719O
Trinity Exploration & Production
04 October 2023
4 October 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Trinidad and Tobago Budget Highlights
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago ,
welcomes the Government of Trinidad and Tobago stated intention to
stimulate higher levels of activity and investment in the energy
sector as set out in the 2024 Budget Statement delivered on Monday
2 October 2023 (the "Statement").
The Statement
(https://www.finance.gov.tt/2023/10/02/budget-statement-2024-building-capacity-for-diversification-and-growth/)
included a proposal to change the Supplemental Petroleum Tax
("SPT") regime for shallow marine areas similar to reforms that
have been made previously to onshore activities. In addition, the
proposed review of the capital expenditure write-off regime, seems
intended to be in favour of operators such as Trinity. The
Statement also included a proposal to increase the Sustainability
Allowance from 20% to 25%.
The proposed SPT changes, which are subject to further
definition through the legislative process and Parliamentary
ratification, are expected to meaningfully improve the economics of
the Company's East Coast and West Coast shallow marine
licences.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity,
commented:
"Trinity welcomes the Government's third consecutive year of
incentives focused on stimulating activity in the energy sector,
and specifically oil production. The proposed SPT changes for
offshore production will positively impact our cashflow when
Realised oil prices are below $75/bbl, increasing the resilience of
our business, our capacity to reinvest through the oil price cycle
and will positively impact our potential projects on our East Coast
and West Coast licences."
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 Securities plc (Broker)
Leif Powis +44 (0)20 7397 8900
Neil McDonald +44 (0)131 220 6939
Vigo Consulting Limited trinity@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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