Trinity Exploration & Production Oil Discovery at TGAL-1 exploration well (9799U)
09 Diciembre 2013 - 1:01AM
UK Regulatory
TIDMTRIN
RNS Number : 9799U
Trinity Exploration & Production
09 December 2013
Trinity Exploration & Production plc
(the "Company" or "Trinity"; AIM:TRIN)
Oil Discovery at TGAL-1 exploration well
9th December 2013
Trinity, the leading independent E&P company focused on
Trinidad and Tobago, is pleased to announce an oil discovery at its
TGAL-1 exploration well within the Galeota license (Trinity 65%
operated interest).
Highlights
-- TGAL-1 well drilled to a total depth ("TD") of 5,694 ft measured depth ("MD")
-- Well intersected five targets all containing good quality oil bearing reservoir sands
-- TGAL-1 well encountered a total of 547 feet net oil sands
containing high quality 28-30 degree API oil
-- Original Oil In Place ("OOIP") estimated to be in range of 50
- 115 million barrels ("mmbbl") of oil (gross)
-- Trinity will now aggressively assess appraisal and development options
The Trinity operated TGAL-1 exploration well was spudded on
31(st) October 2013 to target an updip extension of the producing
Trintes Field. Drilling operations were undertaken utilising the
Rowan Gorilla III jackup rig.
The well intersected five oil bearing reservoir packages
including 76 ft of net oil sand in the G-sand, 104 ft of net oil
sand in the H-sand, 162 ft of net oil sand in the M-sand, 118 ft of
net oil sand in the N-sand and 87 ft of net oil sand in the
O-sand.
The well was initially planned to be drilled to a TD of 6,500 ft
MD but is currently being plugged and abandoned at 5,694 ft MD as
no hydrocarbons nor reservoir quality sand were encountered below
the 13-3/8" casing point at 4,362 ft.
Trinity has conducted extensive logging and sampling analysis to
assess the reservoir characteristics and oil water contacts, and
preliminary management estimates indicate gross OOIP to be in the
range of 50 - 115 mmbbl of oil. It should be noted that these
figures include estimated volumes in the NE TGAL-1 area (previously
referred to as GAL-26).
Trinity is now evaluating whether further appraisal of this
discovery is required and will shortly commence engineering studies
to finalise a development concept to progress the project to Field
Development Plan ("FDP").
Monty Pemberton, Chief Executive Officer of Trinity,
commented:
"The TGAL-1 discovery is exciting news for all of Trinity's
stakeholders, and our team has done an excellent job in delivering
this successful well safely. Trinity's industrial thesis has always
been to pursue low risk opportunities in Trinidad & Tobago,
which we believe is a prolific but under-exploited hydrocarbon
province. This is the second successful exploration well Trinity
has drilled on the Galeota license since 2012 (the first being
EG-8) and demonstrates the further resource potential of the block.
Our team is now focussed on assessing development alternatives to
move this project forward to FDP as soon as possible."
Competent Person's Statement:
The information contained in this announcement has been reviewed
and approved by Clive Deokie, Subsurface Manager for Trinity
Exploration & Production plc, who has over 25 years of relevant
experience in the oil and gas industry. Mr Deokie holds a BSc Hons
in Geology from the University of the West Indies and is a member
of the Geological Society of Trinidad & Tobago.
Enquiries
Trinity Exploration & Production Tel: +44 (0)20
Monty Pemberton, Chief Executive 7404 5959
Officer
Robert Gair, Corporate Development
Manager
RBC Capital Markets (NOMAD & Tel: +44 (0)
Joint Broker) 20 7653 4000
Tim Chapman
Matthew Coakes
Daniel Conti
Jefferies (Joint Broker) Tel: +44 (0)
Chris Zeal 20 7029 8000
Graham Hertrich
Brunswick Group LLP (PR Adviser) Tel: +44 (0)
Patrick Handley 20 7404 5959
Catriona McDermott
About Trinity
Trinity is the largest independent E&P company focused on
Trinidad and Tobago. Trinity operates assets onshore and offshore
on both the West and East coasts. 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 licences
and has 2P reserves of 36 mmbbl. Trinity is listed on the AIM
market of the London Stock Exchange under the ticker TRIN.LN.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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