Trinity Exploration & Production has adjusted its full-year sales target following lower-than-expected production in the third quarter. Extended downtime on a key offshore well in Trinidad caused sales volumes to decrease, averaging 2,705 oil barrels per day compared to the preceding quarter's 2,824 daily oil barrels. However, the company has confirmed that the well is now back online.
As a result of the production disruption, Trinity Exploration & Production has revised its full-year forecast to a range of 2,800-2,900 daily oil barrels, down from the previous range of 2,800-3,100 daily oil barrels.
Despite the production setback, the company's earnings before interests, taxes, depreciation and amortization (EBITDA) increased in the third quarter. Average realized prices rose to $72.5 per barrel compared to $63.7 per barrel in the previous quarter, contributing to an EBITDA of $4.6 million, up from $4.5 million.
Trinity Exploration & Production also provided an update on the Jacobin-1 well project in Trinidad. The drilling, completion, and testing costs for this onshore well are expected to surpass initial estimates due to a longer drilling process and an expanded well-testing program with three zones. The company will release a final cost update once all details are finalized.
Currently, Trinity Exploration & Production's shares are trading at 62.50 pence, reflecting a 7.4% decrease from the previous value.