REG - Trinity Exploration - 2023 Year-End Reserves Update

Trinity Exploration & ProductionAnnouncement

15/04/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240415:nRSO5310Ka&default-theme=true

RNS Number : 5310K  Trinity Exploration & Production  15 April 2024

 

This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation No 596/2014 which is part of English
Law by virtue of the European (Withdrawal) Act 2018, as amended.  On
publication of this announcement via a Regulatory Information Service, this
information is considered to be in the public domain.

 

15 April 2024

 

Trinity Exploration & Production plc

("Trinity" or "the Group" or "the Company")

 

2023 Year-End Reserves Update

 

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P
company focused on Trinidad and Tobago, announces updated management estimates
of Trinity's technical recoverable resources as at Year-End 2023.  The
technical work underpinning this management estimate was reviewed by
Netherland, Sewell & Associates, Inc.

 

Trinity provides the following estimates for its technical recoverable
resources (2P + 2C) as at Year-End 2023:

 

 2023 Year-End Reserves and Resources                                  mmstb
 2P Reserves          Net 2P reserves of oil and gas at Year-End 2022  17.96
                      Production during 2023                           -1.02
                      Revisions                                        -4.03
                      Net 2P reserves of oil and gas at Year-End 2023  12.91

 2C Resources         Net 2C resources at Year-End 2022                48.88
                      Revisions                                        -10.20
                      Net 2C resources at Year-End 2023                38.68

 Combined             Net 2P reserves + 2C Resources at Year-End 2022  66.84

 2P + 2C
                      Production during 2023                           -1.02
                      2P Revisions                                     -4.03
                      2C Revisions                                     -10.20
                      Net 2P reserves + 2C Resources at Year-End 2023  51.58

 

Notes:     mmstb - million stock tank barrels

                All data rounded to two decimal places

 

The largest reduction in 2P Reserves at Year-End 2023 is from wells that were
categorised as economic 2P Reserves at Year-End 2022 which have been
reclassified to 2C Resources due to individual opportunities being considered
uneconomic at the date of review.  Additional reductions are due to the
impact of earlier economic limit truncations and revisions to the Trintes
Infill well programme.

 

The reduction in 2C Resources is attributed largely to the Galeota block based
on the latest interpretation and mapping of reprocessed seismic data which
resulted in a view that the field structure is more steeply dipping than in
previous interpretations.  The Year-End 2023 total 2C for Galeota is 27.5
mmstb (compared to 35.8 mmstb previously).  While the 2C Resource estimate
for Galeota has been reduced the impact on the development plans for the field
is minimal.

 

The Company will hold a session for investors via the Investor Meet Company
platform in the week commencing 22 April 2024, following the announcement of
its Q1 Operational Update that week.

 

Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:

 

"2023 witnessed a reduction in our reported reserves and resources base. This
was due to a number of factors, primarily the reclassification of uneconomic
wells which were originally in 2P and have now been moved to 2C.  Whilst this
is undoubtedly disappointing, all the Company's current growth scenarios are
focused on exploiting the 2P reserves of 12.91mmbls, so this revision does not
limit our growth plans."

 

 

Enquiries:

 Trinity Exploration & Production plc            Via Vigo Consulting

 Jeremy Bridglalsingh, Chief Executive Officer

 Julian Kennedy, Chief Financial Officer

 Nick Clayton, Non- Executive Chairman

 SPARK Advisory Partners Limited                 +44 (0)20 3368 3550

 (Nominated Adviser and Financial Adviser)

 Mark Brady

 James Keeshan

 Cavendish Capital Markets Limited (Broker)      +44 (0)20 7397 8900

 Leif Powis                                      +44 (0)131 220 6939

 Derrick Lee

 Neil McDonald

 Vigo Consulting Limited                         t (mailto:trinity@vigoconsulting.com) rinity

                                               (mailto:trinity@vigoconsulting.com) @vigoconsulting.com
 Finlay Thomson                                  (mailto:trinity@vigoconsulting.com)

 Patrick d'Ancona                                +44 (0)20 7390 0230

 

 

About Trinity (www.trinityexploration.com (http://www.trinityexploration.com)
)

Trinity is an independent oil production company focused solely on Trinidad
and Tobago. Trinity operates producing and development assets both onshore and
offshore, in the shallow water West and East Coasts of Trinidad.  Trinity's
portfolio includes current production, significant near-term production growth
opportunities from low-risk developments and multiple exploration prospects
with the potential to deliver meaningful reserves/resources growth.  The
Company operates all of its licences and, across all of the Group's assets,
management's estimate of the Group's 2P reserves as at the end of 2023 was
12.91 mmstb. Group 2C contingent resources are estimated to be 38.68 mmstb.
The Group's overall 2P plus 2C volumes are therefore 51.58 mmstb.

 

Trinity is quoted on AIM, a market operated and regulated by the London Stock
Exchange Plc, under the ticker TRIN.

 

Qualified Person's Statement

The technical information contained in the announcement has been reviewed and
approved by Mark Kingsley, Trinity's Chief Operating Officer.  Mark Kingsley
(BSc (Hons) Chemical Engineering, Birmingham University) has over 35 years of
experience in international oil and gas exploration, development and
production and is a Chartered Engineer.

 

Disclaimer

This document contains certain forward-looking statements that are subject to
the usual risk factors and uncertainties associated with the oil exploration
and production business.  Whilst the Group believes the expectation reflected
herein to be reasonable in light of the information available to it at this
time, the actual outcome may be materially different owing to macroeconomic
factors either beyond the Group's control or otherwise within the Group's
control.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDGPUMGCUPCPUC