Trinity Exploration - Jacobin Update

Trinity Exploration & Production

20/11/2023 07:00

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RNS Number : 9050T  Trinity Exploration & Production  20 November 2023

 

20 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, today provides an update on operations
at its Jacobin oil discovery.

Operations on the Jacobin well (the "Well") are now focussed on flow testing
the discovered oil zones in the Lower Cruse 1 ("LC1") upper intervals. Testing
of the thin Lower Cruse 3 ("LC3") zone is being terminated, as despite
clearing the sand blockage (as reported on 8 November 2023), further sand
production issues were still experienced. Laboratory analysis of produced
fluids and reservoir grain size and composition is on-going in order to assist
with Company's assessment of the future production potential of this zone.

The upper two zones are well developed oil-bearing sandstone intervals, with
thicker net pay zones for testing (with a combined test interval circa five
times that tested at the LC3 level), and generally better developed than the
deeper reservoir encountered at the LC3 level. We believe the risk of
experiencing material sand production issues is much reduced at this level but
will be carefully monitored regardless as testing proceeds.

The testing of the upper zones will be conducted by perforating via wireline
and the rig is at the well site conducting preparatory work.  All regulatory
approvals are in place for the next phase of the testing programme.

The Company expects to perforate the upper zones in the well by mid-December.
Reservoir behaviour will be closely monitored during the production testing
phase and the testing regime will be adjusted in line with the well's
performance.

The Company will keep the market informed of progress on the next phase of
operations on the Well.

Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:

"We are moving up-hole to commence testing of the main zones of interest. The
well-testing team has worked hard to try to achieve production from what was
always going to be a challenging zone but we will now take the valuable
operational lessons learned and data gathered, up-hole to what is expected to
be more productive zones."

 

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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