Trinity Exploration - Jacobin Update
08/11/2023 07:00
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RNS Number : 7077S Trinity Exploration & Production 08 November 2023
8 November 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Jacobin Update
Trinity Exploration & Production plc (AIM: TRIN), the independent E&P
company focused on Trinidad and Tobago, is pleased to provide an update on
operations at its Jacobin oil discovery.
As announced on 23 October 2023, the Jacobin well (the "Well") flowed at an
encouraging rate, producing a total of 113 barrels (34 bbls oil and 79 bbls
completion fluid) over a seven-hour period prior to a sand plug forming in the
Well. The coiled tubing unit was deployed to clean-out the Well and was run
in hole to approximately 9,700 feet. This intervention has successfully
removed the blockage.
On 4 November 2023, operations to bring the Well back into production started
on a 3/64(th)-inch choke, and were gradually increased to an 8/64(th) choke.
The Well is cleaning-up with an initial mixed flow comprising oil, water (from
the coiled tubing unit operation) and completion fluids, with no visible sign
of sand at surface. The Company intends to restart the production test
imminently, in order to obtain a sustained flow rate for the Well.
Trinity's current operations are focused on the deepest of three discovered
oil-bearing horizons in the deeper exploration section of the Well. This is
a thin zone of five feet but was highly pressured, and hence there is a risk
that production on a sustained basis may be compromised. However, two
thicker oil-bearing zones are located up-hole which are expected to comprise
larger connected volumes of oil.
The Company will provide flow rate data when stabilised information is
available, alongside details of the next phase of operations.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:
"We continue to clean up the lowest of three zones in the Jacobin discovery in
advance of further testing. Thereafter, we look forward to moving up-hole to
carry out testing on what we expect to be the more productive upper zones.
The onsite team has worked hard to progress operations and we are actively
assessing the most constructive way to advance the near-term production
potential of Jacobin".
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
Cavendish Capital Markets Limited (Broker) +44 (0)20 7397 8900
Leif Powis +44 (0)131 220 6939
Derrick Lee
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.
Qualified Person's Statement
The technical information contained in the announcement has been reviewed and
approved by Mark Kingsley, Trinity's Chief Operating Officer. Mark Kingsley
(BSc (Hons) Chemical Engineering, Birmingham University) has over 35 years of
experience in international oil and gas exploration, development and
production and is a Chartered Engineer.
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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