Trinity Exploration - Drilling Update - Trinity spuds Jacobin well
16/05/2023 07:00
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RNS Number : 4902Z Trinity Exploration & Production 16 May 2023
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16 May 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Drilling Update - Trinity spuds deep onshore "Jacobin" well
Trinity Exploration & Production plc (AIM: TRIN), the independent E&P
company focused on Trinidad and Tobago, announces that the Company has
commenced drilling of the deep "Jacobin" prospect.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:
"Jacobin is a significant well and potential growth catalyst for Trinity.
Jacobin is targeting virgin-pressured reservoirs with higher initial
production rates than conventional wells and offers Trinity the potential for
reduced payback cycle times and a meaningful production increase.
The focus on this new Miocene play, with Jacobin being the first well,
demonstrates our real intent to rapidly exploit our competitive edge onshore
Trinidad where we can immediately progress from the drilling phase to
production.
More importantly, we plan to acquire geological data from the well which will
enable us to calibrate the prospectivity across the area following our 2020
purchase and subsequent interpretation and mapping of the Palo Seco NWD 3D
seismic dataset.
A successful well would unlock both a development of the Jacobin prospect
itself and follow-on drill-ready prospects and mapped leads across our core
onshore acreage including Emerald and Woodstar. As we look to strengthen our
footprint in this play, the technical work undertaken for Jacobin also formed
a key part of our evaluation and application for the adjacent Buenos Ayres
block."
Located in Trinity's Palo Seco Lease Operatorship area, the Jacobin well has
been designed to test an extensive and lightly-drilled Miocene age deeper
turbidite play mapped across the prolific southern onshore basin and will
provide the Company with critical new data on this extensive play and the
wider Palo Seco acreage. Trinity has a 100% interest in the Palo Seco area
sub-licences, where nine deeper prospects have already been mapped.
The well is targeting a structural prospect defined on 3D seismic, with target
reservoirs in the Lower Cruse formation. Reaching a Total Depth ("TD") of
9,800 feet, Jacobin will be the deepest onshore oil well drilled in the Palo
Seco area in over a decade.
The target volume of resources to be exploited is significant and highly
material for Trinity, with a mean oil in-place volume of 5.7 million barrels
and an upside (P10) case of over 10 million barrels in-place.
Trinity is pleased to report that the well was spudded on Monday 15 May 2023
and is currently drilling ahead. The Company anticipates the well should
reach the primary target zones within thirty-five days, before an extensive
programme of data collection will be initiated.
The Jacobin well is a one of only a few deep penetrations of the Miocene-age
section in the Palo Seco area and a comprehensive data acquisition plan is in
place which will include a full wireline logging suite and coring of the
reservoir sections. The data collected will be invaluable in the further
evaluation of Trinity's portfolio of eight other Miocene "Hummingbird"
prospects mapped within its existing acreage, including Emerald and
Woodstar, and other prospects mapped on the Buenos Ayres Block which formed an
important element of our bid on this block.
The Company will provide further updates as the drilling of the well
progresses.
Enquiries:
Trinity Exploration & Production plc Via Vigo Consulting (mailto:trinity@vigoconsulting.com)
Nick Clayton, Non- Executive Chairman
Jeremy Bridglalsingh, Chief Executive Officer
Julian Kennedy, Chief Financial Officer
SPARK Advisory Partners Limited +44 (0)20 3368 3550
(Nominated Adviser and Financial Adviser)
Mark Brady
James Keeshan
Cenkos Securities PLC (Broker) +44 (0)20 7397 8900
Leif Powis +44 (0)131 220 6939
Neil McDonald
Vigo Consulting Limited trinity@vigoconsulting.com
Finlay Thomson / 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 2021
was 19.73 mmbbls. Group 2C contingent resources are estimated to be 47.22
mmbbls. The Group's overall 2P plus 2C volumes are therefore 66.95 mmbbls.
Trinity is quoted on AIM, a market operated and regulated by the London Stock
Exchange Plc, under the ticker TRIN.
Competent Person's Statement
All reserves and resources related information contained in this announcement
has been reviewed and approved by Dr. Ryan Ramsook, Trinity's Executive
Manager, Subsurface. Dr. Ramsook is also a Senior Lecturer at the University
of the West Indies and Fellow of the Geological Society (FGS) of London. He
is a Geologist by background with 19 years' experience.
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.
Well Services Rig-60 and facilities at the Jacobin wellsite
Jacobin well designed to test deeper prospective oil zones
Jacobin, the first of the Hummingbird prospects
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