IN BRIEF: Trinity Exploration gets Galeota development plan approval

Trinity Exploration & Production PLC - oil exploration company focused on Trinidad & Tobago - Gets approval for field development plan for the Galeota asset development project from the Ministry of Energy & Energy Industries in Trinidad and Tobago. "The comprehensive and relatively quick approval by the MEEI review team, against the background of the pandemic, is extremely helpful and provides a suitably matured development concept which can be reviewed by potential funding partners as part of the farm-down process," company says. The plan is focused on the phase one development of the Galeota licence on the east coast of Trinidad, which Trinity says has the potential to add additional peak production of 4,000 barrels of oil per day.

"We are continuing to work assiduously on a number of fronts as we move towards a final investment decision at the earliest opportunity and are extremely excited by the potential of this development," comments Chief Executive Jeremy Bridglalsingh. "We believe that the quality of the asset and project maturity, the potential for meaningful fiscal incentives for the sector and the applicability of a significant proportion of our tax losses to Galeota make it a highly attractive opportunity."

Current stock price: 130.56 pence, up 3.6% Thursday

Year-to-date change: up 20%

By Will Paige; willpaige@alliancenews.com

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