Trinity Exploration & Production Operational Update (6776U)
30 Marzo 2023 - 12:00AM
UK Regulatory
TIDMTRIN
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
Nick Clayton, Non- Executive Chairman
Jeremy Bridglalsingh, Chief Executive Officer
Julian Kennedy, Chief Financial Officer
SPARK Advisory Partners Limited
(Nominated Adviser and Financial Adviser)
Mark Brady
James Keeshan +44 (0)20 3368 3550
Cenkos Securities PLC (Broker)
Leif Powis +44 (0)20 7397 8900
Neil McDonald +44 (0)131 220 6939
Vigo Consulting Limited trinity@vigoconsulting.com
Finlay Thomson / Patrick d'Ancona +44 (0)20 739 0 0230
About Trinity ( 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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END
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