StockMarketWire.com - Trinity Exploration & Production reported good production levels in Q4 2020, averaging 3,026 barrels of oil per day (bopd). This has driven a full year average yield of 3,226 bopd, representing a 7% increase over the prior year despite the challenges presented by COVID-19 and no new drilling activity taking place.
The group reports that 2020 was the third consecutive year of delivering production growth and meeting its stipulated production targets.
Bruce Dingwall, CBE, executive chairman of Trinity, commented: '2020 has been a year of significant progress for Trinity in not only continuing to grow production and generate cash during unprecedented times but also in maturing a strategic framework to meaningfully scale the business.'
The company reported a 27% increase in net cash balances during the year despite a 36% reduction in average oil price realisations versus 2019, as well as no new drilling operations.
'Given the number of growth initiatives now underway, 2021 will be a year of investment as we seek to advance current developments, identify new opportunities via the strategic partnerships we have recently entered into and pursue further low cost appraisal and exploration targets,' Mr Dingwall added.
Story provided by StockMarketWire.com
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