---Adds share price and broker comment---
Shares in Trinidad-focused oil firm Bayfield(LON:BEH) rose nearly eight per cent today.
Earlier the company said output from the Trintes field is to be benchmarked against the higher value Brent price rather than West Texas Intermediate, after it re-negotiated it contract.
The original 2009 deal with Trinidad state oil group Petrotrin set the sales price at a 17.5% discount to West Texas Intermediate.
Production has increased significantly since that deal was struck and the companies have now agreed Brent crude will be the reference price and at a revised discount of 9.5% for a minimum period of 12 months from August 1 this year.
Brent has been trading recently at a premium to WTI of around US$20.00 per barrel.
Hywel John, chief executive, said: "It is encouraging to report on the success of our initiatives to improve cash flow and manage our financial commitments to enable us to establish a sound platform from which to continue our exploration programme."
Broker Seymour Pierce noted that it had previously used a West Texas Intermediate (WTI) price of between $75.7 and $85.6 per barrel in its cash flow analysis of the firm.
The new sales agreement in this long-awaited update using Brent equates to an additional 8.2 pence a share on its previous forecasts, it said in a note.
Bayfield shares were up 7.83 per cent this afternoon, at 31 pence each.