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Trinity records 7.4 per cent production increase
Independent exploration and production comopany Trinity is reporting a 7.4 per cent increase in its productiion volumes for three-month period ended September 30. The increase is to 2,506 barrels of oil per day (bopd), up from 2,333 bopd in the previous quarter.
The energy company said the increase in production wasachieved through implementing its planned programme of recompletions, workovers, reactivations and swabbing.
There has been urther profitable production growth since the quarter end, with an average production rate of 2,754 bopd recorded last month and a cash balance at the end of the third quarter was US$ 12.3 million.
In its financial statement for the quarter, Trinity said it remains focused on growing production and maximising financial returns. The high value-added, near-term work programme, combined with low operating costs, underpins confidence that the robust financial performance will continue during the fourth quarter ahead of initiating drilling operations in the first quarter of 2018.
Executive chairman Bruce Dingwall said: “As a board, we have continued to maintain financial discipline on our capital spend and operating costs during the period.
“Our focus on the low hanging fruit, through our recompletion, reactivation, swabbing and workover programme has resulted in a 7.4 per cent quarter-on-quarter increase in production and we anticipate further growth in production and profitability during the remainder of the year.”