- Trinidad & Tobago focused Trinity Exploration & Production posted a first-half net loss owing to a tax expense and lower revenue as oil prices dropped.

Net losses for the six months through June amounted to $1.63m, compared to losses of $0.73m on-year.

On a pre-tax basis, however, the company swung to a profit of $0.94m, compared to an on-year loss of $0.57m, having cut administrative expenses.

Average net production rose 9% to 3,282 barrels of oil per day, but that was offset by a 39% drop in the company's average realized oil price to $36.30 per barrel, which sent revenue down 33% to $21.5m.

'We are pleased with the company's performance during the period. Everyone is aware of the exceptional circumstances - with Covid impacting both operational practices and the oil price,' executive chairman Bruce Dingwall said.

'Despite these challenges, our financial resilience, emphasis on cost management and high operating standards have enabled the Company to increase production and increase free cash flows, thereby further strengthening our balance sheet and establishing the necessary foundations for future growth both from existing and new opportunities.'

'Importantly, our efficient operating base and financial resilience mean that there is now significant potential to increase our scale, driving economies and thereby further improving our operating break-evens and free cash generation.'

'We can scale the business from both within the portfolio and from external opportunities and believe we are well positioned to grow production, revenues and profitability against an improving backdrop of a more stable and recovering oil price.'

At 9:46am: [LON:TRIN] Trinity Exploration Production share price was +0.1p at 7.9p

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