Trinity Exploration - Jacobin-1 Oil Discovery Confirmed
07/08/2023 07:00
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RNS Number : 4318I Trinity Exploration & Production 07 August 2023
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7 August 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Jacobin-1 Oil Discovery Confirmed
Virgin oil found in a super-mature basin.
Material Impact on Palo Seco acreage and the new Buenos Ayres Block.
Highlights
§ Jacobin-1 was successfully drilled to a total depth of 10,021 feet and is
one of the deepest wells drilled in recent times within the prolific Palo Seco
area, onshore Trinidad.
§ Over 290 feet of net oil pay encountered in the Jacobin well, including 63
feet of net oil pay in the deeper exploration targets.
§ A comprehensive logging and pressure sampling programme has confirmed
virgin pressures in these deeper zones.
§ Results validate the geological model and are within pre-drill range for a
commercial discovery.
§ Flow testing is now planned to confirm the deliverability of these
reservoirs, which is expected to commence during September.
§ Oil produced during well testing is expected to immediately be sold to
Heritage within the PS4 licence area as operated by Trinity, demonstrating the
speed at which the well will be able to generate revenue post completion of
drilling.
The Jacobin-1 well was spudded on 15 May 2023 with an objective to appraise
and explore the potential of Lower Cruse sandstones within the Palo Seco area
of the prolific Southern Basin.
Drilling samples, wireline logs and pressure testing indicate that the well
encountered significant reservoir and hydrocarbon accumulations in the Lower
Forest, Upper Cruse and Lower Cruse. The exploration section of the well
encountered net reservoir thicknesses varying between 45 to 190 feet. An
aggregate of 63 feet of net hydrocarbon pay was identified in the deeper
exploration section of the well. Reservoir pressures appear to be high (up to
7,500psi) and indicate virgin pressures.
In addition, and as previously announced, 228 feet of net pay was found in the
secondary target section, adding to the commercial attractiveness of the well.
Data acquired from the well are being analysed further by Trinity's reservoir
and petroleum engineering teams through dynamic modelling to design an optimal
completions strategy for the stacked pay encountered within the exploration
section.
The well has been cased to 10,021 feet and is being prepared for a series of
production tests that is likely to commence with the deepest oil-bearing
reservoir, and first production is expected during September. This timeline
is driven by the demobilisation of the drilling rig from the site and
installation of a heavy-duty workover rig to run the completion, perforate and
tie the well into production facilities. A further update on production
rates, fluid properties, as well as future plans will be provided at that
time.
The Jacobin results validate both the structural and stratigraphic model
demonstrating the existence of a deeper turbidite play across Trinity's entire
Palo Seco area, and the recently awarded Buenos Ayres block. The integration
of the onshore 3D seismic over the Lease Operatorship blocks purchased in 2021
has been key to the understanding of the sub-surface. Data from the well
will now be used to de-risk and re-rank the remaining "Hummingbird" prospects
across the Palo Seco blocks and those recently mapped within the Buenos Ayres
block.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:
"This is a very significant and material achievement by the Team. To find
virgin oil in our mature acreage points to a step-change in our understanding
of the hydrocarbon system, the remaining resource potential and how we can
approach the exploitation of these resources.
"I would like to congratulate the Trinity Team on this success. We have
demonstrated a true competitive advantage by the hard work in, building our
geological understanding, working through the many aspects of planning and
delivering a complex well and critically, safe execution of drilling
operations.
"I would also like to thank our partner Heritage, for their valued help and
assistance in facilitating the drilling of this well. The next step is to
undertake a full production testing programme, that is expected to commence
during September. We look forward to updating shareholders on our progress."
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 +44 (0)20 7390 0230
Patrick d'Ancona
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, Exploration. Dr. Ryan Ramsook also lectures and is involved in
collaborative Geoscience research with the University of the West Indies and
is a Fellow of the Geological Society (FGS) of London. He is a Geologist by
background with 19+ years' experience.
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