Trinity Exploration - Galeota Asset Development Update
27/06/2023 07:00
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RNS Number : 9617D Trinity Exploration & Production 27 June 2023
27 June 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Galeota Asset Development Update
Trinity Exploration & Production plc (AIM: TRIN), the independent E&P
company focused on Trinidad and Tobago, announces a progress update on its
Galeota Block, offshore East Coast Trinidad.
Trinity has, following a competitive tender exercise, appointed Petrofac to
undertake a Concept-Screening study for the development of further reserves in
its Galeota Block. 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 drilling of the TGAL-1 exploration well in 2013 led to the discovery of
the TGAL area the Galeota Block, in close proximity to the existing productive
Trintes field. To develop multiple reservoirs in the Galeota Block and to do
so in a capital efficient manner, Trinity has commissioned Petrofac to
undertake a Concept-Screening study to advance development planning.
The study will take a fresh look at development concepts for the Galeota
Block, using the latest subsurface information and marrying that with
Petrofac's global low-cost marginal field track record to develop a concept
that can be taken forward into Conceptual Engineering, Front End Engineering
and Project Sanction. Key elements will comprise flexibility to deal with
reservoir uncertainty and using equipment that could be potentially relocated
around the large Galeota Block. Leased Mobile Offshore Production Units
("MOPU") concepts such as converted jack-ups or Floating Production, Storage
and Offloading ("FPSO") vessels will be considered as well as any other
suitable scheme. The cost of the study is included within this year's capex
guidance range.
The study has commenced and is expected to conclude in September, at which
point a further update will be provided.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:
"While our immediate operational focus is on drilling the onshore Jacobin
well, we continue to assess plans to unlock the development potential of our
Galeota Block which comprises 69% of our 2P+2C Reserves and Resources. We
look forward to working with Petrofac to progress the Concept-Screening
study."
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
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 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.
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.
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