Trinity Exploration & Production PLC on Friday said sales volumes fell in its third quarter, following a series of well shut-downs and development delays.
The Trinidad and Tobago-focused oil exploration and production firm said sales volumes in the third quarter ended September 30 averaged 2,471 barrels of oil per day, which was an 8.7% fall from 2,705 barrels of oil per day last year, and a 2.0% decline from 2,522 barrels of oil per day in the second quarter.
It said this was due to the deferral of some well re-completion and workover activities to the fourth quarter from the third quarter, in its onshore and East Coast assets. Its onshore wells were also hit by ‘unplanned power outages’ that led to well shut-downs. Trinity Exploration aims to put plans together to mitigate this in the future.
Average realised oil prices in the three-month period were down 7.7% to $66.9 per barrel from $72.5 per barrel last year, and fell 8.6% from $73.2 per barrel in the second quarter.
It completed just 28 workovers during the third quarter, down 24% from 37 last year, but up 56% from 18 in the second quarter.
The third-quarter update comes amid Trinity Exploration’s potential takeover by Lease Operators Ltd, as announced in August, at the price of 68.05 pence per Trinity share. The company expects to issue a further update following its general meeting on October 30.
Shares in Trinity Exploration were down 2.5% at 64.38 pence each in London on Friday afternoon.
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