Trinity Exploration - Jacobin Drilling Update

Trinity Exploration & Production

13/07/2023 07:00

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RNS Number : 8584F  Trinity Exploration & Production  13 July 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.

 

13 July 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 that the Jacobin well is
currently being sidetracked, with drilling currently in progress.  Trinity is
also pleased to announce that the Lower Cruse section drilled so far
demonstrates the presence of multiple oil-bearing sandstone reservoirs.

Highlights

·   The Jacobin well was drilled to 9,325 ft at which depth unexpected
wellbore conditions prevented further progress, necessitating a sidetrack.
This is being effected immediately and the well will continue to drill ahead
to the planned depth of approximately 10,000 ft, which is expected to be
achieved in two weeks.

·     During the drilling programme, the well penetrated over 2,000 ft
into the Lower Cruse.

·    Preliminary evaluation, using a combination of Measurement While
Drilling (MWD) data (inclusive of MWD gamma ray) and together with analysis of
well bore cuttings, point to at least three well developed, oil-bearing sand
intervals in the Lower Cruse.

·     Further data will be collected from the sidetrack currently being
drilled, including a full logging suite.

·    Further to the announcement on 26 June 2023 when Trinity announced
the Jacobin well has successfully intersected the Forest and Upper Cruse
secondary targets, further analysis has confirmed that the total net
hydrocarbon pay across these targets is 228ft.

·    The next update on Jacobin is expected to be announced once the
sidetrack has been completed and the full suite of data acquisition has been
completed, which will provide a definitive view on all sands encountered.

Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:

"There is still work to do in order to achieve the total planned depth, with
encouraging initial signs thus far. In order to gain a more definitive view we
have to successfully complete the sidetrack of the well, and then undertake a
data acquisition programme, inclusive of logging, that will provide us with
the technical data we need to assess the well's potential. We look forward to
updating shareholders when we have completed logging and related
interpretation."

 

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                         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.

 

 

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.

 

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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