Trinity Exploration & Production Jacobin Drilling Update (8127D)
26 June 2023 - 4:00PM
UK Regulatory
TIDMTRIN
RNS Number : 8127D
Trinity Exploration & Production
26 June 2023
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English Law by virtue of the European (Withdrawal)
Act 2018, as amended. On publication of this announcement via a
Regulatory Information Service, this information is considered to
be in the public domain.
26 June 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Jacobin Drilling Update
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago ,
announces an update on its Jacobin well, which spudded on 15 May
2023, being drilled onshore Trinidad.
Highlights
-- The Jacobin well has now completed two of three planned
sections and has successfully intersected the Forest and Upper
Cruse secondary targets encountering good quality oil-bearing
reservoirs. An intermediate logging programme has been completed
and initial analysis shows good quality reservoirs and pay zones
which have exceeded pre-drill estimates.
-- The rig is setting casing and is preparing to drill ahead
into the third section, during which it is expected to encounter
the primary well targets in the deeper Lower Cruse reservoir
formations (TS-6, TS-7 and TS-8), through to prognosed Total Depth
("TD"), which we expect to achieve in approximately two weeks'
time.
The drilling schedule has been extended due to the Company's
decision to accelerate the changeover to synthetic oil-based mud in
the second section (which had been planned for the third section)
in response to challenging drilling conditions. Once initiated,
this saw a rapid and material improvement in drilling progress. Due
to the nature of the turnkey contract, no significant cost impact
is anticipated.
The Company expects to provide a further update on progress on
the Jacobin well after reaching TD.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity,
commented:
"Initial indications confirm that the Jacobin well has, so far,
encountered oil in the shallow secondary formations, which is
encouraging. We keenly await progress as drilling recommences to
the deeper TS-6, TS-7 and TS-8 Lower Cruse formations.
The data provided from Jacobin will help to de-risk further
Lower Cruse drilling across the Hummingbird prospects, including
the Buenos Ayres block, where we announced the success of our
application in the 2022 Onshore and Nearshore Competitive Bid Round
earlier this month. In a success case, Jacobin will require further
development drilling expected to demonstrate strong payback and
cash-on-cash metrics ."
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
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 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.
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, Subsurface. 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 19 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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