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
bopd
|
|
Q2 2023
bopd
|
|
Q1 2024
bopd
|
Q2 2024
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
Jeremy Bridglalsingh, Chief Executive
Officer
Julian Kennedy, Chief Financial
Officer
Nick Clayton, Non-Executive
Chairman
|
Via Vigo Consulting
|
|
|
|
|
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
Neil McDonald
|
+44 (0)20 7397 8900
+44 (0)131 220 6939
|
|
|
|
|
Vigo
Consulting Limited
Finlay Thomson
Patrick d'Ancona
|
trinity@vigoconsulting.com
+44 (0)20 7390 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 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/.
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.
