NORTH Sea oil and gas veteran Bruce Dingwall has said the Trinity Exploration and Production business he heads in Trinidad will increase drilling after completing a restructuring in January which ended a period of uncertainty for the firm.
In a trading and operations update from Trinity, Mr Dingwall said the firm is planning an active work programme which will involve helping to slow the decline in output from existing onshore wells and bringing new ones into production.
The Aim-listed company believes the programme could help it increase production from 2,500 barrels oil per day to 3,000 bopd over the next 12 months.
Trinity also sees development potential in its acreage off the east coast of Trinidad.
The company said that following a significant reduction in its operating costs and overheads and the resultant increased margins, directors’ plans to develop its asset base are attractive, even at relatively low oil prices.
The statement follows a dramatic period for Trinity which Mr Dingwall established after building Aberdeen-based Venture Production into one of the biggest independents in the North Sea.
Trinity incurred hefty losses after writing down the value of its assets amid the crude price plunge which started in June 2014.
The company launched a strategic review in April 2015 and held talks with potential buyers of its assets before agreeing last December to complete a restructuring. This involved it raising $15m from investors and reaching an agreement with creditors.
On completion of the restructuring in January Mr Dingwall said it brought an end to a period of prolonged uncertainty for Trinity, and would provide a strong foundation for the company to develop its valuable interests.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here