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TRIN Trinity Exploration & Production Plc

35.75
0.00 (0.00%)
16 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Trinity Exploration & Production Plc LSE:TRIN London Ordinary Share GB00BN7CJ686 ORD USD0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 35.75 35.00 36.50 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Trinity Exploration & Production Fiscal Reform: Trinidad & Tobago Finance Act 2023 (5874Y)

04/01/2024 7:00am

UK Regulatory


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RNS Number : 5874Y

Trinity Exploration & Production

04 January 2024

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.

4 January 2024

Trinity Exploration & Production plc

("Trinity" or "the Group" or "the Company")

Fiscal Reform: Trinidad and Tobago Finance Act 2023

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, is pleased to announce that further to previous announcements, the Trinidad and Tobago Finance Act 2023 ("The Act") was assented to by the President on 20 December 2023 and is now in effect.

The Act ( https://www.ttparliament.org/wp-content/uploads/2023/12/a2023-15.pdf ) includes reforms to the Supplemental Petroleum Tax ("SPT") regime. In particular, effective 1 January 2024, the SPT rates applicable to Small Shallow Marine Area Producers are shown in the table below. The Act defines Small Shallow Marine Area Producers as "a person who carries out petroleum operations in shallow marine areas under a license, sub-license or contract and produces less than four thousand barrels of crude per day". Based on this definition, all of Trinity's existing offshore production as well as future growth projects that fall within this production threshold, will benefit significantly from this reform.

 
    Previous SPT - Shallow Marine         Amended SPT - Shallow Marine 
-------------------------------------  ----------------------------------- 
 Oil Price (USD)        Rate of SPT    Oil Price (USD)       Rate of SPT 
-------------------  ----------------  -----------------  ---------------- 
 $0.00 to $50.00            0%         $0.00 to $75.00           0% 
 $50.01 to $70.00           15% 
 $70.01 to $90.00           20%        $75.01 to $90.00          18% 
 $90.01 to $200.00    20% + 0.2% (P -  $90.01 to $200.00   18% + 0.2% (P - 
                         USD 90.00)                           USD 90.00) 
 $200.01 and                           $200.01 and 
  over                      42%         over                     40% 
-------------------  ----------------  -----------------  ---------------- 
            Note: P = weighted average crude oil price in USD. 
 

SPT liability for Trinity's offshore production is estimated at USD4-5m for 2023 and we expect a similar amount, adjusted for production, to be additional operating cash flow in 2024 and future, at current long term oil price forecasts, which suggests that the realised price will be below USD75/bbl.

Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:

"We welcome this proactive approach from the Government which will provide us with additional growth opportunities. These reforms will positively affect our cashflow throughout 2024 and be of material benefit to the Company's growth projects, in particular the Trintes and wider Galeota developments."

Enquiries:

 
 Trinity Exploration & Production plc              Via Vigo Consulting 
  Jeremy Bridglalsingh, Chief Executive Officer 
  Julian Kennedy, Chief Financial Officer 
  Nick Clayton, Non- Executive Chairman 
 
 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                                      +44 (0)20 7397 8900 
  Neil McDonald                                     +44 (0)131 220 6939 
 
 Vigo Consulting Limited                           t rinity @vigoconsulting.com 
  Finlay Thomson                                    +44 (0)20 739 0 
  Patrick d'Ancona                                  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 ten licences and, across all of the Group's assets, management's estimate of the Group's 2P reserves as at the end of 2022 was 17.96 mmbbls. Group 2C contingent resources are estimated to be 48.88 mmbbls. The Group's overall 2P plus 2C volumes are therefore 66.84 mmbbls.

Trinity is quoted on AIM, a market operated and regulated by the London Stock Exchange Plc, under the ticker TRIN.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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(END) Dow Jones Newswires

January 04, 2024 02:00 ET (07:00 GMT)

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