Trinity Exploration & Production Q2 2014 Operations Update (5520M)
17 Julio 2014 - 1:00AM
UK Regulatory
TIDMTRIN
RNS Number : 5520M
Trinity Exploration & Production
17 July 2014
Trinity Exploration & Production plc
(the "Company" or "Trinity"; AIM:TRIN)
Q2 2014 Operations Update
17 July 2014
Trinity, the leading independent E&P company focused on
Trinidad and Tobago, today provides an update on its Q2
operations.
During the second quarter, Trinity's net production averaged
3,613 boepd. Current production following restoration of the D-9
well at Trintes (discussed below) is 3,750 boepd. Key second
quarter operating activities included: B-9X completion in the
O-sand, D-9 ESP replacement and approval for six new infill wells
on the land operations.
West Coast
Net Q2 2014 production averaged 612 boepd. Workover operations
for the ABM-151 and the ABM-150 wells are scheduled during Q4 2014.
Access to a jack-up workover rig is being pursued through a JV
partner.
Onshore
Net Q2 2014 production averaged 2,023 bopd. External approvals
have been secured for six new infill wells with an additional six
infill well locations currently going through an approval process.
Drilling operations are expected to recommence during Q4.
East Coast
Net Q2 2014 production averaged 978 bopd. Production during the
quarter was impacted by the failure of the D-9 electric submersible
pump ("ESP") (production of 230 bopd). The ESP was successfully
replaced in late June and production was restored at the previous
level. Run-rate production at the Trintes field is currently c.
1,200 bopd. The D-7 low rate ESP installation and the recompletion
of the D-1 well are planned for July. Incremental production from
these projects is expected to be 75 to 100 bopd.
The B-9X was completed in the O-sand with the production test
indicating that the completion interval was producing only gas.
Technical work is being conducted to evaluate the full potential of
the lower O-sand oil lobe and evaluate options for testing this
interval.
To accelerate production from the B-9X well, the O-sand interval
will be temporarily abandoned to allow a completion in the M-sand.
The B-9X well encountered 85 feet of net oil sand in M-sand and the
original water contact for the fault block. The estimated initial
production ("IP") rate for the M-sand completion is 75 to 130 bopd,
however, due to encountering the original water contact in the
fault block, the potential exists for a higher IP rate.
TGAL Development Update
The reprocessing 3D OBC seismic data was delivered at the end of
Q2. The data quality is much improved and remapping of the Trintes
area and the TGAL discovery are under way. The project team is
targeting delivery of a field development plan to the Ministry Of
Energy and Energy Affairs in Q1 2015.
Forward Programme
Following today's announcement that Trinity is acquiring an 80%
interest in Blocks 1a and 1b, a high quality gas development
project, Trinity is actively reviewing capital allocation across
its portfolio, to ensure shareholder value is maximised. Key
priorities for the Company are to:
-- Progress TGAL discovery to FDP
-- Secure a gas sales agreement for Block 1a and 1b
-- Progress Block 1a and 1b to FDP
-- Pilot the new "J" type well design at the Trintes field
At the Trintes field, Trinity is currently upgrading the mud
pumps on its drilling rig as previously announced. In addition,
Trinity is integrating data obtained from the operator of the
adjacent license where a horizontal well has recently been drilled
for the first time and was successfully brought onstream at a rate
of 1,200 bopd. This data will help with Trinity's well design and
planning, to ensure that these wells are drilled on time and on
budget. Drilling will recommence once these activities have been
concluded and an update will be made at the appropriate time.
The impact of all of the above is that Trinity now expects to be
at the low end of its production guidance for 2014.
Joel "Monty" Pemberton, Chief Executive Officer of Trinity,
commented:
"Despite technical challenges during the first half, our
operational team has shown determination, and the development of
the portfolio remains on track. We look forward to the second half
and the next operational phase.
The Trinidadian basin is entering a new phase, and a growing,
nimble company like Trinity, established to capitalise on this
change, is an exciting place to work. As demonstrated by the
acquisition of Block 1a and 1b that we announced today, Trinity's
strategy is bearing fruit and our team continues to review a number
of other business development opportunities."
Enquiries:
Trinity Exploration & Production Tel: +44 (0)20 7404
Joel "Monty" Pemberton, Chief Executive 5959
Officer
Robert Gair, Corporate Development Manager
RBC Capital Markets (NOMAD & Joint Broker) Tel: +44 (0) 20 7653
Tim Chapman 4000
Matthew Coakes
Daniel Conti
Jefferies (Joint Broker) Tel: +44 (0) 20 7029
Chris Zeal 8000
Graham Hertrich
Brunswick Group LLP (PR Adviser) Tel: +44 (0) 20 7404
Patrick Handley 5959
Pip Green
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 48 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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