Trinity Exploration & Production Jacobin Update (9050T)
20 Noviembre 2023 - 1:00AM
UK Regulatory
TIDMTRIN
RNS Number : 9050T
Trinity Exploration & Production
20 November 2023
20 November 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Jacobin Update
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago , today
provides an update on operations at its Jacobin oil discovery.
Operations on the Jacobin well (the "Well") are now focussed on
flow testing the discovered oil zones in the Lower Cruse 1 ("LC1")
upper intervals. Testing of the thin Lower Cruse 3 ("LC3") zone is
being terminated, as despite clearing the sand blockage (as
reported on 8 November 2023), further sand production issues were
still experienced. Laboratory analysis of produced fluids and
reservoir grain size and composition is on-going in order to assist
with Company's assessment of the future production potential of
this zone.
The upper two zones are well developed oil-bearing sandstone
intervals, with thicker net pay zones for testing (with a combined
test interval circa five times that tested at the LC3 level), and
generally better developed than the deeper reservoir encountered at
the LC3 level. We believe the risk of experiencing material sand
production issues is much reduced at this level but will be
carefully monitored regardless as testing proceeds .
The testing of the upper zones will be conducted by perforating
via wireline and the rig is at the well site conducting preparatory
work. All regulatory approvals are in place for the next phase of
the testing programme.
The Company expects to perforate the upper zones in the well by
mid-December. Reservoir behaviour will be closely monitored during
the production testing phase and the testing regime will be
adjusted in line with the well's performance.
The Company will keep the market informed of progress on the
next phase of operations on the Well.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity,
commented:
"We are moving up-hole to commence testing of the main zones of
interest. The well-testing team has worked hard to try to achieve
production from what was always going to be a challenging zone but
we will now take the valuable operational lessons learned and data
gathered, up-hole to what is expected to be more productive
zones."
Enquiries:
Trinity Exploration & Production plc Via Vigo Consulting
Jeremy Bridglalsingh, Chief Executive Officer
Julian Kennedy, Chief Financial Officer
Nick Clayton, Non- Executive Chairman
SPARK Advisory Partners Limited
(Nominated Adviser and Financial Adviser)
Mark Brady
James Keeshan +44 (0)20 3368 3550
Cavendish Capital Markets Limited (Broker)
Leif Powis
Derrick Lee +44 (0)20 7397 8900
Neil McDonald +44 (0)131 220 6939
Vigo Consulting Limited trinity@vigoconsulting.com
Finlay Thomson +44 (0)20 739 0
Patrick d'Ancona 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 2022 was 17.96 mmbbls. Group 2C contingent resources
are estimated to be 48.88 mmbbls. The Group's overall 2P plus 2C
volumes are therefore 66.84 mmbbls.
Trinity is quoted on AIM, a market operated and regulated by the
London Stock Exchange Plc, under the ticker TRIN.
Qualified Person's Statement
The technical information contained in the announcement has been
reviewed and approved by Mark Kingsley, Trinity's Chief Operating
Officer. Mark Kingsley (BSc (Hons) Chemical Engineering, Birmingham
University) has over 35 years of experience in international oil
and gas exploration, development and production and is a Chartered
Engineer.
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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