TIDMTRIN
RNS Number : 1129X
Trinity Exploration & Production
18 December 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.
18 December 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.
Trinity safely perforated the two Lower Cruse 1 zones on 28
November 2023. Initially the well flowed clean black oil with a
very high Tubing Head Pressure (THP) of around 2,500psi on a very
small 12/64(th) inch choke. The well was also flowing considerable
volumes of gas, which, when mixed with oil and water, produced a
viscous emulsion at surface.
The well flowrate was initially unstable, flowing at a rate of
between 80 to 160bpd of fluids including varying volumes of water
and an unquantified rate of gas. The emulsion issue was managed by
injection of speciality chemicals at the wellhead and on 10
December 2023 the well was diverted into a separator to allow the
flow rates, including the gas rate, to be more accurately measured.
The oil is of good quality with API density measured at 31.7
degrees at 60degF.
In recent days the flow rate from the well has begun to decline
and given that the presence of gas and water was not anticipated
from the original well log interpretation and so Trinity is
embarking on a series of data gathering exercises, starting with a
pressure gradient survey in the next week, potentially followed by
a Production Logging Tool ("PLT") run that will help determine how
best to optimise the oil production rate.
The initial results confirm the presence of oil in the Lower
Cruse 1 formations and given the presence of confirmed oil in the
Lower Cruse 3 horizon as previously announced provides further
proof of concept that these deep horizons contain producible
hydrocarbons.
The various data gathering exercises outlined above will be
completed in January 2024 and decisions will be taken on how best
to optimise production from the well. The results of these
activities will also help the Company's decision-making process for
the adjacent Buenos Ayres licence where Trinity intends to drill a
further exploration well next year.
Now that the completion of the Lower Cruse 1 zones has occurred,
the majority of the key activities have been completed, and we
estimate that the undisputed costs incurred to date thus far to be
USD 8.3 million, of which USD 6.2 million has already been paid.
There is an amount of USD 2.3 million which falls outside of the
drilling contract provisions, and pertains to costs incurred while
drilling the well. As previously reported, Trinity expects to
settle the total cost of this well, without recourse to any
external finance.
The Company will continue to keep the market informed of
progress on Jacobin operations.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity,
commented:
"The well has reinforced our confidence in the potential of the
deeper play despite the operational challenges encountered with the
Jacobin well. We have flowed volumes of good quality oil and
demonstrated the potential for producible oil in the deeper
horizons. Our work now will be to gather further data that will
inform next steps in terms of establishing the full production
potential of the well."
Investor Presentation
Trinity will provide a live presentation relating via Investor
Meet Company on Tuesday, 19th December 2023 at 12:00pm GMT.
The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via your
Investor Meet Company dashboard or by contacting
Support@investormeetcompany.com . Questions can also be submitted
at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add
to meet TRINITY EXPLORATION & PRODUCTION PLC via:
https://www.investormeetcompany.com/trinity-exploration-production-plc/register-investor
Investors who already follow TRINITY EXPLORATION &
PRODUCTION PLC on the Investor Meet Company platform will
automatically be invited.
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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END
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