Trinity Exploration - Operational Update
30/03/2023 07:00
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RNS Number : 6776U Trinity Exploration & Production 30 March 2023
30 March 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Operational Update
Trinity Exploration & Production plc (AIM: TRIN), the independent E&P
company focused on Trinidad and Tobago, is pleased to announce some key
operational updates.
ABM-151 Onstream
The ABM-151 well in the Brighton Marine block, offshore the West Coast of
Trinidad, was returned to production on 21 March 2023 following an extensive
refurbishment of surface facilities and the installation of remote
surveillance technology. Trinity has a 100% interest in the Brighton Marine
licence.
Trinity anticipates steady-state production from ABM-151 in the range of
60-110 bopd. Production has gradually increased since the well restart and
has flowed at rates over 200 bopd on a 10/64" choke with 0% water cut. The
well will be managed closely in the coming weeks to achieve stabilised
production rates within the target guidance and will further benefit from the
SCADA automation system the Company has installed.
Jacobin Well Update
Wellsite preparation for the onshore deep Jacobin well is underway, with the
well expected to spud in late April, in line with previous guidance. Trinity
has a 100% interest in the Palo Seco area sub-licences, where nine deeper
prospects have already been mapped.
The Jacobin well has been designed to test an extensive and lightly-drilled
Miocene age deeper turbidite play across the prolific southern onshore basin
and will provide the Company with critical new data on this extensive play and
the wider Palo Seco acreage.
The well objective is a structural prospect defined on 3D seismic. The well
will target mean oil in-place volume of 5.7 million barrels and an upside
(P10) case of over 10 million barrels in-place.
Onshore Bid Round Update
On 20 March 2023 Trinity gave its Technical Presentation on the Company's bid
for the Buenos Ayres block in the 2022 Onshore and Nearshore Competitive Bid
Round to the Government of Trinidad and Tobago's Ministry of Energy and Energy
Industries ("MEEI").
Buenos Ayres is located west of Trinity's existing Palo Seco production
sub-licences - Blocks WD-5/6, WD-2 and PS-4.
The MEEI is expected to announce awards of licences in the bid round during
April 2023.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:
"I am delighted that we have ABM-151 back in production. We have been
looking at ways to boost production across our asset base and identified
ABM-151 as a well where we could achieve quick, effective results. ABM-151's
initial performance underlines the potential of our West Coast assets, where
we have a number of infill and appraisal opportunities to mature as we look to
increase production across the asset base.
The Jacobin well is an important catalyst for Trinity, significant in itself
but also the first part of an extensive play where we have mapped multiple
further independent targets across our existing, relatively mature, onshore
acreage as well as having further relevance with respect to the Buenos Ayres
block which we have bid for in the onshore bid round."
Enquiries:
Trinity Exploration & Production plc Via Vigo Consulting (mailto:trinity@vigoconsulting.com)
Nick Clayton, Non- Executive Chairman
Jeremy Bridglalsingh, Chief Executive Officer
Julian Kennedy, Chief Financial Officer
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 2021
was 19.73 mmbbls. Group 2C contingent resources are estimated to be 47.22
mmbbls. The Group's overall 2P plus 2C volumes are therefore 66.95 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. 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 18+ 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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