TIDMTRIN
RNS Number : 4902Z
Trinity Exploration & Production
16 May 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.
16 May 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Drilling Update - Trinity spuds deep onshore "Jacobin" well
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago ,
announces that the Company has commenced drilling of the deep
"Jacobin" prospect.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity,
commented:
"Jacobin is a significant well and potential growth catalyst for
Trinity. Jacobin is targeting virgin-pressured reservoirs with
higher initial production rates than conventional wells and offers
Trinity the potential for reduced payback cycle times and a
meaningful production increase.
The focus on this new Miocene play, with Jacobin being the first
well, demonstrates our real intent to rapidly exploit our
competitive edge onshore Trinidad where we can immediately progress
from the drilling phase to production.
More importantly, we plan to acquire geological data from the
well which will enable us to calibrate the prospectivity across the
area following our 2020 purchase and subsequent interpretation and
mapping of the Palo Seco NWD 3D seismic dataset.
A successful well would unlock both a development of the Jacobin
prospect itself and follow-on drill-ready prospects and mapped
leads across our core onshore acreage including Emerald and
Woodstar. As we look to strengthen our footprint in this play, the
technical work undertaken for Jacobin also formed a key part of our
evaluation and application for the adjacent Buenos Ayres block
."
Located in Trinity's Palo Seco Lease Operatorship area, the
Jacobin well has been designed to test an extensive and
lightly-drilled Miocene age deeper turbidite play mapped 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. Trinity has a 100% interest in the Palo Seco area
sub-licences, where nine deeper prospects have already been
mapped.
The well is targeting a structural prospect defined on 3D
seismic , with target reservoirs in the Lower Cruse formation.
Reaching a Total Depth ("TD") of 9,800 feet, Jacobin will be the
deepest onshore oil well drilled in the Palo Seco area in over a
decade.
The target volume of resources to be exploited is significant
and highly material for Trinity , with a mean oil in - place volume
of 5.7 million barrels and an upside (P10) case of over 10 million
barrels in-place.
Trinity is pleased to report that the well was spudded on Monday
15 May 2023 and is currently drilling ahead. The Company
anticipates the well should reach the primary target zones within
thirty-five days, before an extensive programme of data collection
will be initiated.
The Jacobin well is a one of only a few deep penetrations of the
Miocene-age section in the Palo Seco area and a comprehensive data
acquisition plan is in place which will include a full wireline
logging suite and coring of the reservoir sections. The data
collected will be invaluable in the further evaluation of Trinity's
portfolio of eight other Miocene "Hummingbird" prospects mapped
within its existing acreage, including Emerald and Woodstar, and
other prospects mapped on the Buenos Ayres Block which formed an
important element of our bid on this block.
The Company will provide further updates as the drilling of the
well progresses.
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, 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.
Well Services Rig-60 and facilities at the Jacobin wellsite
Jacobin well designed to test deeper prospective oil zones
Jacobin, the first of the Hummingbird prospects
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