Trinity Exploration - Jacobin Drilling Update
26/06/2023 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:20230626:nRSZ8127Da&default-theme=true
RNS Number : 8127D Trinity Exploration & Production 26 June 2023
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.
26 June 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Jacobin Drilling Update
Trinity Exploration & Production plc (AIM: TRIN), the independent E&P
company focused on Trinidad and Tobago, announces an update on its Jacobin
well, which spudded
(https://polaris.brighterir.com/public/trinity_exploration/news/rns/story/rgn1q3w)
on 15 May 2023, being drilled onshore Trinidad.
Highlights
· The Jacobin well has now completed two of three planned sections and
has successfully intersected the Forest and Upper Cruse secondary targets
encountering good quality oil-bearing reservoirs. An intermediate logging
programme has been completed and initial analysis shows good quality
reservoirs and pay zones which have exceeded pre-drill estimates.
· The rig is setting casing and is preparing to drill ahead into the
third section, during which it is expected to encounter the primary well
targets in the deeper Lower Cruse reservoir formations (TS-6, TS-7 and TS-8),
through to prognosed Total Depth ("TD"), which we expect to achieve in
approximately two weeks' time.
The drilling schedule has been extended due to the Company's decision to
accelerate the changeover to synthetic oil-based mud in the second section
(which had been planned for the third section) in response to challenging
drilling conditions. Once initiated, this saw a rapid and material
improvement in drilling progress. Due to the nature of the turnkey contract,
no significant cost impact is anticipated.
The Company expects to provide a further update on progress on the Jacobin
well after reaching TD.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:
"Initial indications confirm that the Jacobin well has, so far, encountered
oil in the shallow secondary formations, which is encouraging. We keenly
await progress as drilling recommences to the deeper TS-6, TS-7 and TS-8 Lower
Cruse formations.
The data provided from Jacobin will help to de-risk further Lower Cruse
drilling across the Hummingbird prospects, including the Buenos Ayres block,
where we announced the success of our application in the 2022 Onshore and
Nearshore Competitive Bid Round earlier this month. In a success case,
Jacobin will require further development drilling expected to demonstrate
strong payback and cash-on-cash metrics."
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.
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 DRLSEEESIEDSELM