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Trinidad & Tobago focused oil company Trinity Exploration posted a deeper annual loss after it wrote down the value of its assets to reflect lower expected oil prices.
Pre-tax losses for the year through December amounted to $14.1m, compared to losses of $4.1m on-year, and included impairments of $15.2m.
Revenue rose 2% to $63.9m and adjusted earnings before, interest, tax, depreciation and amortisation rose 14% to $21.8m.
Trinity Exploration said its operating break-even price had reduced by 9% to $26.40 per barrel.
Production in the first quarter of 2020 had risen 9% on-year to 3,291 barrels of oil per day.
'Production volumes for the remainder of 2020 will depend on oil prices and general market conditions supporting the economic case for the resumption of new drilling activity,' the company said.
'However, even if prevailing oil prices do not support the case for a resumption of drilling in the near term, net average production for 2020 is still expected to increase to between 3,100-to-3,300 bopd (2019: 3,007 bopd).'
Executive chairman Bruce Dingwall said the strength of the company's operations and balance sheet 'ensure that we remain well placed despite the challenging environment'.
'We continue to prudently manage our operations, remain highly resilient to low oil prices and confident we can ride out the storm and be open to capture the opportunities that will inevitably exist for the more robust and low cost operators,' Dingwall said.
At 9:56am: (LON:TRIN) Trinity Exploration Production share price was -0.5p at 5.8p