SHARES in the Trinity Exploration and Production business run by North Sea veteran Bruce Dingwall have risen six per cent after the firm highlighted the amount of cash it generated in the latest quarter.

The Trinidad-focused company said its cash balance increased to $17.8m (£14.4m) at June 30 from $12.3m at the end of the preceding quarter underlining the profitability of its production operations.

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The company, which runs its business development operations from Edinburgh, maintained production at around 3,000 barrels oil per day, in line with expectations, while keeping costs under control.

Mr Dingwall said the company could face the future with confidence with a strong balance sheet and robust base production.

Trinity’s success highlights the improvement in the trading conditions faced by independent oil and gas firms in recent months.

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Trinity noted it has capitalised on the recent strength of the crude price by cutting hedging deals to sell output for at least $50 per barrel in coming months.

The company faced big challenges amid the industry downturn triggered by the oil price plunge earlier in the decade. It lost around $140m in 2014.

Brent crude traded at around $66.80 yesterday. It fell from $115/bbl in June 2014 to less than $30/bbl early in 2016 as growth in supplies ran ahead of demand before major exporters cut production to support the market.

Mr Dingwall started Trinity after running Aberdeen-based North Sea player Venture Production, which Centrica bought for £1.3 billion in 2009.

Shares in Aim-listed Trinity closed up 0.6p at 10.72p.