TIDMTRIN
RNS Number : 4318I
Trinity Exploration & Production
07 August 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.
7 August 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Jacobin-1 Oil Discovery Confirmed
Virgin oil found in a super-mature basin.
Material Impact on Palo Seco acreage and the new Buenos Ayres
Block.
Highlights
-- Jacobin-1 was successfully drilled to a total depth of 10,021
feet and is one of the deepest wells drilled in recent times within
the prolific Palo Seco area, onshore Trinidad.
-- Over 290 feet of net oil pay encountered in the Jacobin well,
including 63 feet of net oil pay in the deeper exploration
targets.
-- A comprehensive logging and pressure sampling programme has
confirmed virgin pressures in these deeper zones.
-- Results validate the geological model and are within
pre-drill range for a commercial discovery.
-- Flow testing is now planned to confirm the deliverability of
these reservoirs, which is expected to commence during
September.
-- Oil produced during well testing is expected to immediately
be sold to Heritage within the PS4 licence area as operated by
Trinity, demonstrating the speed at which the well will be able to
generate revenue post completion of drilling.
The Jacobin-1 well was spudded on 15 May 2023 with an objective
to appraise and explore the potential of Lower Cruse sandstones
within the Palo Seco area of the prolific Southern Basin.
Drilling samples, wireline logs and pressure testing indicate
that the well encountered significant reservoir and hydrocarbon
accumulations in the Lower Forest, Upper Cruse and Lower Cruse. The
exploration section of the well encountered net reservoir
thicknesses varying between 45 to 190 feet. An aggregate of 63 feet
of net hydrocarbon pay was identified in the deeper exploration
section of the well. Reservoir pressures appear to be high (up to
7,500psi) and indicate virgin pressures.
In addition, and as previously announced, 228 feet of net pay
was found in the secondary target section, adding to the commercial
attractiveness of the well.
Data acquired from the well are being analysed further by
Trinity's reservoir and petroleum engineering teams through dynamic
modelling to design an optimal completions strategy for the stacked
pay encountered within the exploration section.
The well has been cased to 10,021 feet and is being prepared for
a series of production tests that is likely to commence with the
deepest oil-bearing reservoir, and first production is expected
during September. This timeline is driven by the demobilisation of
the drilling rig from the site and installation of a heavy-duty
workover rig to run the completion, perforate and tie the well into
production facilities. A further update on production rates, fluid
properties, as well as future plans will be provided at that
time.
The Jacobin results validate both the structural and
stratigraphic model demonstrating the existence of a deeper
turbidite play across Trinity's entire Palo Seco area, and the
recently awarded Buenos Ayres block. The integration of the onshore
3D seismic over the Lease Operatorship blocks purchased in 2021 has
been key to the understanding of the sub-surface. Data from the
well will now be used to de-risk and re-rank the remaining
"Hummingbird" prospects across the Palo Seco blocks and those
recently mapped within the Buenos Ayres block.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity,
commented:
"This is a very significant and material achievement by the
Team. To find virgin oil in our mature acreage points to a
step-change in our understanding of the hydrocarbon system, the
remaining resource potential and how we can approach the
exploitation of these resources.
"I would like to congratulate the Trinity Team on this success.
We have demonstrated a true competitive advantage by the hard work
in, building our geological understanding, working through the many
aspects of planning and delivering a complex well and critically,
safe execution of drilling operations.
"I would also like to thank our partner Heritage, for their
valued help and assistance in facilitating the drilling of this
well. The next step is to undertake a full production testing
programme, that is expected to commence during September. We look
forward to updating shareholders on our progress."
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 +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.
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. Ryan Ramsook also
lectures and is involved in collaborative Geoscience research with
the University of the West Indies and is a Fellow of the Geological
Society (FGS) of London. He is a Geologist by background with 19+
years' experience.
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