REG - Trinity Exploration - 2024 Guidance and Operational Update

Trinity Exploration & ProductionAnnouncement

01/02/2024 07:00

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RNS Number : 5885B  Trinity Exploration & Production  01 February 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
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publication of this announcement via a Regulatory Information Service, this
information is considered to be in the public domain.

 

1 February 2024

 

Trinity Exploration & Production plc

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

 

2024 Guidance and Operational Update

 

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P
company focused on Trinidad and Tobago, announces updated guidance for 2024
and provides an operational update.

 

2024 Guidance

 

Trinity provides the following update on guidance for 2024:

 

·    Sales guidance of between 2,600-2,700 bopd (Q4 2023: 2,736 bopd, FY
2023:  2,790 bopd)

o  Supported by workovers, recompletions and extensive swabbing operations

o  Reflects low field declines resulting from a strong operational focus on
maximising production uptime

 

·    Capex expected to be US$7-8m to fund a programme of recompletions and
production-related expenditure, minor sustaining capex, and growth projects
such as Buenos Ayres environmental clearance and maturing Trintes 2P reserves

 

 

Operational Update

 

Buenos Ayres Block

 

As announced on 13 June 2023, Trinity was successful in its bid for the Buenos
Ayres block, offered in the 2022 Onshore and Nearshore Competitive Bid Round.
We expect an official award of this licence to occur in Q1 2024 and anticipate
being awarded Operatorship of the block with an 85% interest, as previously
announced. In the meantime, the Company continues to progress the
Environmental Impact Assessment and is on track to complete this in H1 2024.
The data acquired from the Jacobin-1 well has provided significant insight
into the geology of the Buenos Ayres block and technical work is underway to
identify a prospect to be drilled in H1 2025.

 

Galeota Development

 

As announced on 27 June 2023, Trinity appointed Petrofac to undertake a
Concept-Screening study for the development of further reserves in its Galeota
Block offshore the East Coast. The Galeota Block contains estimated 2P+2C
reserves and resources of 46.1 million barrels of oil equivalent and is the
Company's largest asset. The initial results of this study are encouraging,
and a third-party technical review of Trintes infill wells is now in progress,
alongside facilities assurance planning.

 

Capital allocation policy

 

Trinity is committed to pay a dividend of GB £0.01 once the Company's 2023
results are finalised in Q2 2024. An interim dividend can be expected in Q4 of
this year.

 

Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:

 

"2024 is an important year for Trinity as we look to build on our
opportunities in the Buenos Ayres block and wider Miocene play using data
gained from Jacobin, and also progress our planning for Galeota. Operationally
we will be highly focused on offsetting natural production decline through a
very active programme of workovers, recompletions and swabbing operations.
With the benefit of recently enacted SPT reforms, we anticipate strong
cashflow from our production base which will help support our future drilling
plans. Operations continue across our portfolio, including at the Jacobin well
and we will update the market in further detail in our next quarterly update."

 

 

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 ten licences and,
across all of the Group's assets, management's estimate of the Group's 2P
reserves as at the end of 2022 was 17.96 mmbbls. Group 2C contingent resources
are estimated to be 48.88 mmbbls.  The Group's overall 2P plus 2C volumes are
therefore 66.84 mmbbls.

 

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

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