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(Sharecast News) - Trinidad and Tobago-focussed Trinity Exploration & Production announced a number of operational updates on Thursday, reporting that the ABM-151 well in the Brighton Marine block, offshore the west coast of Trinidad, was returned to production on 21 March.
The AIM-traded firm said the development followed an extensive refurbishment of surface facilities, and the installation of remote surveillance technology.
It said the well was expected to produce between 60 and 110 barrels of oil per day, and would be closely managed in the coming weeks to achieve stabilised production rates within the target guidance.
The onshore deep Jacobin well was meanwhile expected to spud in late April, with wellsite preparations already underway.
Trinity has a 100% interest in the Palo Seco area sub-licences, where nine deeper prospects had been mapped.
The Jacobin well was designed to test an extensive and lightly-drilled Miocene-age deeper turbidite play across the southern onshore basin, and would provide Trinity with critical new data on the extensive play and the wider Palo Seco acreage.
Lastly, Trinity confirmed that it gave its technical presentation on its bid for the Buenos Ayres block in the 2022 onshore and nearshore competitive bid round to the government of Trinidad and Tobago on 20 March.
The Ministry of Energy and Energy Industries was expected to announce the resulting awards of licences in April.
"I am delighted that we have ABM-151 back in production," said chief executive officer Jeremy Bridglalsingh.
"We have been looking at ways to boost production across our asset base and identified ABM-151 as a well where we could achieve quick, effective results.
"ABM-151's initial performance underlines the potential of our west coast assets, where we have a number of infill and appraisal opportunities to mature as we look to increase production across the asset base."
Bridglalsingh added that the Jacobin well was an "important catalyst" for Trinity.
"[It is] significant in itself but also the first part of an extensive play where we have mapped multiple further independent targets across our existing, relatively mature, onshore acreage as well as having further relevance with respect to the Buenos Ayres block which we have bid for in the onshore bid round."
At 1529 BST, shares in Trinity Exploration & Production were flat at 84p.
Reporting by Josh White for Sharecast.com.
