Trinity Exploration & Production PLC - Leeds-based exploration and production company focused on Trinidad & Tobago - Intends to restart production test at Jacobin well "imminently" to obtain a sustained flow rate. Says well is cleaning-up with an initial mixed flow comprising oil, water and completion fluids, with no visible sign of sand at the surface. This comes after it reported last week that operations to bring the well back into production started on a 3/64th-inch choke, and were gradually increased to an 8/64th-inch choke.
Chief Executive Officer Jeremy Bridglalsingh says: "We continue to clean up the lowest of three zones in the Jacobin discovery in advance of further testing. Thereafter, we look forward to moving up-hole to carry out testing on what we expect to be the more productive upper zones. The onsite team has worked hard to progress operations, and we are actively assessing the most constructive way to advance the near-term production potential of Jacobin".
Current stock price: 62.00 pence, down 10% on Wednesday in London
12-month change: down 46%
By Sabrina Penty, Alliance News reporter
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Trinity (TRIN)