Trinity Exploration on track to break even in 2020

Oil company Trinity Exploration said on Friday that it was on track to break even in 2020 following a "strong operational and financial performance" during the prior year.

Trinity said its breakeven price, including hedging income, was $20.5 per barrel - versus a year to date average oil price realisation of $36.4 a barrel and a current West Texas Intermediate oil price of $37.96 per barrel.

The AIM-listed group added that this was expected to further strengthen its "already strong" liquidity position and enhance the company's ability to take advantage of growth opportunities that may arise as a consequence of the current low oil price environment.

"Given our strong capital position, assets and reserves base, we believe we are extremely well placed to respond to additional opportunities in Trinidad and to generate attractive returns for shareholders," said chairman Bruce Dingwall.

As of 1330 BST, Trinity shares were up 6.38% at 8.40p.