Trinity Exploration & Production : Download our Annual Report & Accounts for Year Ended 31 December 2021

Annual Report & Accounts

for the year ended 31 December 2021

Company Number: 07535869

Stock Code: TRIN

Contents

Strategic Report	Financial Accounts
1	2021 Highlights	85	Consolidated Statement of Comprehensive Income
2	At a Glance	86	Consolidated Statement of Financial Position
4	Bruce Dingwall CBE Tribute	87	Company Statement of Financial Position
5	Chairman's Letter 2021	88	Consolidated Statement of Changes in Equity
8	CEO's Review of 2021	89	Company Statement of Changes in Equity
12	Business Strategy and Model	90	Consolidated Statement of Cash Flows
14	Operations Review	91	Company Statement of Cash Flows
22	Technical Review	92	Notes to the Consolidated Financial Statements

25 Stakeholder Engagement

27	Sustainability
35	Financial Review	Glossary of Terms

44 Risk Management and Internal Controls

134 Glossary of Terms

Governance	Company Information
50	Directors' Statement under S 172(1) CA 2006
137 Company Information
52	Corporate Governance Statement
53	QCA Principles
58	Board of Directors

1. Executive Management Team
2. Board Activities
3. Audit Committee Report

64 Remuneration Committee Report

66 Directors' Remuneration Report

74 Directors' Report

77 Statement of Directors' Responsibilities

78 Independent Auditors' Report

For more information on

Trinity Exploration & Production visit

trinityexploration.com

Annual Report & Financial Statements 2021

1

Highlights of 2021

• Strategic Report

Governance

Financial Accounts

Glossary

Company Information

Sales (bopd)

Adjusted EBITDA (USD)

3,006

19.8m

(2020: 3,226 bopd)

(2020: $12.1m USD)

Operating Profit Before

SPT, PT, Impairments, Covid 19

Cash generated from

Expenses and Exceptional

continuing operations

Items (USD)

(USD)

10.0m

12.6m

(2020: $3.0m USD)

(2020: $10.3m USD)

Cash flow used in

Total year-end

investing activities (USD)

cash (USD)

13.9m

18.3m

(2020: 6.0m USD)

(2020: $20.2m USD)

Total YE 2021

2P Reserves

+ 2C Resources*

West Coast

Onshore

East Coast

mmstb

mmstb

mmstb

mmstb

2P

19.73

2P

2.70

2P

7.26

2P

9.77

2C

47.22

2C

3.01

2C

3.82

2C

40.39

Total

66.95

Total

5.71

Total

11.08

Total

50.16

Note:

Refer to the Financial Review pages 35 to 43 for additional information. * 2021 Management estimates for reserves and resources

2	Trinity Exploration & Production plc

At a glance

Trinity is an independent energy producer focused on

Trinidad & Tobago.

Trinidad & Tobago is our home. Trinity is based in San Fernando, in South Trinidad, and we have developed a deep understanding of the country, its culture and the geology that hosts such exciting hydrocarbon opportunities. We are a forward-thinking, modern energy producer, harnessing the benefits of new technologies to drive efficiency and maximise production.

We deliver around 5% of the country's oil production and provide excellent careers for a wide range of skilled workers, employing 250 personnel at the end of 2021, almost all of whom are based in-country.

TOBAGO

Producing Wells

TRINIDAD

PGB

• Onshore
• West Coast
• East Coast

Tabaquite

Brighton

Guapo Bay

Marine

Brighton

Trintes

Outer

Field

Marine

Point

Inner

Ligoure

Echo

WD-13

development

WD-14

O

Onshore (66%)

WD-5/6

FZ-2

Galeota

PS4

WD-2

O

West Coast (25%)

O

East Coast (9%)

Asset

Agreement Trinity Heritage Production 2P 2C Exploration

Key

• West Coast
PGB (Point Ligoure, Guapo Marine,	JOA
Brighton Marine - Outer)
BM (Brighton Marine - Inner)	CVORR

70% 30%

100%

			Crude oil production
LI	DRC	FOA	Farmout Agreement
		JOA	Joint Venture
LI	DRC		Agreement
LOA Lease Operatorship

Agreement

• Onshore						OI	Offshore Infrastructure
FZ-2,WD-2,WD-5/6	LOA	100%	LI	DRC		DRC	Drilling, Recompletions
WD-13 & WD-14 & PS4							& Workovers
					FDP	Field Development
Tabaquite	FOA	100%	LI
			Plan
						LI	Land Infrastructure
• East Coast
					OE	Offshore Exploration
Galeota - Trintes	JOA	100%	FDP DRC		CVORR Conversion to
Galeota - Other (i.e.: TGAL/Echo)	CVORR	100%	FDP	OI			Overriding Royalty

Annual Report & Financial Statements 2021

3

• Strategic Report

Governance

Financial Accounts

Glossary

Company Information

$56.4m	5%	250
Spend in 2021	of the country's oil	Skilled workers
(USD)	production delivered	employed

Our business contributes significantly to the local	This network of relationships sits at the very heart
economy through payments made to the Government	of our business and our Core Values of Behaviour,
of the Republic of Trinidad and Tobago ("GORTT")	Rigour & Purpose apply wherever we are present
in royalties and current taxes (USD 25.0 million in 2021),
operating and capital expenditure (USD 31.4 million in
2021) which supports an extensive supply chain,
employing more than 380 contractors, and supporting the
communities that surround us with a number of initiatives,		Behaviour	Rigour	Purpose
many of which are conceived and driven by our own staff.
		professionalism,	initiate thought	fit for delivering
		respect	before action	our business
		and fairness		goals
Trinity provides excellent careers for 250
Male / Female Staff		Field Office Staff

O	Male (79%	O	Field (67%)
O	Female (21%)	O	Office (33%)

Our Environmental Social and

Governance ("ESG") Commitment

ESG is at the forefront of our minds as we drive towards the future and good ESG practices are at the core of Trinity's forward planning. We are currently making significant steps in the development of our ESG Strategy and reporting. You can read more in our Sustainability Review on pages 27 to 34.