Trinity Exploration & Production Barrel Number 30 million produced at Trintes Field
05 Septiembre 2018 - 1:01AM
RNS Non-Regulatory
TIDMTRIN
Trinity Exploration & Production
05 September 2018
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Barrel Number 30 million produced at Trintes Field
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago, is
delighted to announce that Barrel number 30 million has recently
been produced from its Trintes Field offshore the East Coast of
Trinidad ("Trintes" or the "Field").
Trintes is currently producing over 1,000 bopd through
artificial lift including ESP (electrical submersible pumps) and
PCP (progressive cavity pumps) technology. Trinity is a leader in
using these artificial lift technologies offshore Trinidad and
Tobago. The Field is profitable with operating costs of US$18.9/bbl
and an operating break-even of US$24.9/bbl (2017) and the Company
remains excited by development opportunities.
Prolific Basin with Strong Producing History
Trintes came into production in 1971 and is located on the south
west end of the Galeota Anticline offshore the East Coast of
Trinidad. The Field, which contains four platforms, is 12 km from
our shore base in 80' of water. The Field, and indeed whole of the
Galeota Anticline, is comprised of high quality vertically stacked
sandstone reservoirs that contain good quality 26 API oil.
The definition of the Galeota Anticline from a geological
structural standpoint and its relationship to previous wells,
including the successful TGAL-1 exploration well drilled by Trinity
in 2013, has only recently been understood through the
re-processing, re-interpretation and re-integration of that data
set into our new subsurface model. That model defines a STOIIP for
the entire Galeota Anticline of 700 mmstb of which the Trintes
Field occupies 200 mmstb of that total.
Significant Potential for Future Development
Having operated the Field for the last five years, the Company's
understanding of the reservoir, its distribution, production
behaviour and potential drilling challenges will be invaluable in
its planning process to take the remaining 2P reserves and 2C
resource base forward across the Galeota Anticline.
To that end the Company is working on a phased and innovative
approach to further development which may involve, in the first
phase, a low cost minimal facilities platform, a lightweight
drilling solution and the possibility of electrical power from the
shore (currently offshore diesel generator sets). This approach is
aimed to drive down capex and opex and therefore increase returns
to the Company whilst minimising risk. The work on the Development
Plan is well underway and the Company will update the market as and
when appropriate.
Bruce A. I. Dingwall CBE, Executive Chairman of Trinity,
commented:
"We are delighted that this milestone has been reached. The
Galeota licence and the Trintes Field are of significant scale and
importance to the Company and to Trinidad and Tobago. The quality
of this asset and our wider offshore portfolio provides us with
significant medium to long-term growth opportunities in addition to
our proven onshore strategy. We very much look forward to updating
the market with further developments."
Enquiries
For further information please visit www.trinityexploration.com
or contact:
Trinity Exploration & Production plc +44 (0)131 240 3860
Bruce Dingwall CBE, Executive Chairman
Jeremy Bridglalsingh, Chief Financial Officer
Tracy MacKenzie, Corporate Development
Manager
SPARK Advisory Partners Limited (Nominated
Adviser and Financial Adviser) +44 (0)20 3368 3550
Mark Brady
Miriam Greenwood
Andrew Emmott
Cenkos Securities PLC (Broker)
Joe Nally (Corporate Broking)
Neil McDonald
Beth McKiernan
Derrick Lee +44 (0)20 7397 8900
Pete Lynch +44 (0)131 220 6939
Whitman Howard Limited (Equity Adviser) +44 (0)20 7659 1234
Nick Lovering
Hugh Rich
Walbrook PR Limited +44 (0)20 7933 8780
Nick Rome trinityexploration@walbrookpr.com
About Trinity
Trinity is an independent oil and gas exploration and production
company focused solely on Trinidad. 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 nine
licences and, across all of the Group's assets, Management's
estimate of 2P reserves as at the end of 2017 was 23.2 mmbbls. The
Group's 2C Contingent Resources are estimated to be 24.0 mmbbls.
The Group's overall 2P plus 2C Reserves and Resources are therefore
47.2 mmbbls.
Galeota Licence Summary
Trintes is within the Galeota Licence area (Trinity 100% working
interest) which covers 121.6 km(2) in the shallow waters (17m to
45m) of the Columbus Basin off the East Coast of Trinidad. The
Galeota block offers full cycle opportunities with existing
production, development opportunities and exploration upside from
the over 700 mmstb of stock tank oil initially in place (STOIIP)
across the Galeota anticline.
Re-development at Trintes-TGAL is targeting a sizeable reserves
base of c. 15 mmbbls, and c. 14 mmbbls of additional net contingent
resources, which could be re-classified as 2P reserves.
Trinity is listed on the AIM market of the London Stock Exchange
under the ticker TRIN.
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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