Last checked at 5 Sep 2018 07:00
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Barrel Number 30 million produced at Trintes Field
Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, is delighted to announce that Barrel number 30 million has recently been produced from its Trintes Field offshore the East Coast of Trinidad ("Trintes" or the "Field").
Trintes is currently producing over 1,000 bopd through artificial lift including ESP (electrical submersible pumps) and PCP (progressive cavity pumps) technology. Trinity is a leader in using these artificial lift technologies offshore Trinidad and Tobago. The Field is profitable with operating costs of US$18.9/bbl and an operating break-even of US$24.9/bbl (2017) and the Company remains excited by development opportunities.
Prolific Basin with Strong Producing History
Trintes came into production in 1971 and is located on the south west end of the Galeota Anticline offshore the East Coast of Trinidad. The Field, which contains four platforms, is 12 km from our shore base in 80' of water. The Field, and indeed whole of the Galeota Anticline, is comprised of high quality vertically stacked sandstone reservoirs that contain good quality 26 API oil.
The definition of the Galeota Anticline from a geological structural standpoint and its relationship to previous wells, including the successful TGAL-1 exploration well drilled by Trinity in 2013, has only recently been understood through the re-processing, re-interpretation and re-integration of that data set into our new subsurface model. That model defines a STOIIP for the entire Galeota Anticline of 700 mmstb of which the Trintes Field occupies 200 mmstb of that total.
Significant Potential for Future Development
Having operated the Field for the last five years, the Company's understanding of the reservoir, its distribution, production behaviour and potential drilling challenges will be invaluable in its planning process to take the remaining 2P reserves and 2C resource base forward across the Galeota Anticline.
To that end the Company is working on a phased and innovative approach to further development which may involve, in the first phase, a low cost minimal facilities platform, a lightweight drilling solution and the possibility of electrical power from the shore (currently offshore diesel generator sets). This approach is aimed to drive down capex and opex and therefore increase returns to the Company whilst minimising risk. The work on the Development Plan is well underway and the Company will update the market as and when appropriate.
Bruce A. I. Dingwall CBE, Executive Chairman of Trinity, commented:
"We are delighted that this milestone has been reached. The Galeota licence and the Trintes Field are of significant scale and importance to the Company and to Trinidad and Tobago. The quality of this asset and our wider offshore portfolio provides us with significant medium to long-term growth opportunities in addition to our proven onshore strategy. We very much look forward to updating the market with further developments."
Enquiries
For further information please visit www.trinityexploration.com or contact:
Trinity Exploration & Production plc | +44 (0)131 240 3860 |
Bruce Dingwall CBE, Executive Chairman Jeremy Bridglalsingh, Chief Financial Officer Tracy MacKenzie, Corporate Development Manager |
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SPARK Advisory Partners Limited (Nominated Adviser and Financial Adviser) | +44 (0)20 3368 3550 |
Mark Brady Miriam Greenwood Andrew Emmott |
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Cenkos Securities PLC (Broker) |
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Joe Nally (Corporate Broking) Neil McDonald Beth McKiernan Derrick Lee Pete Lynch | +44 (0)20 7397 8900 +44 (0)131 220 6939 |
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Whitman Howard Limited (Equity Adviser) | +44 (0)20 7659 1234 |
Nick Lovering Hugh Rich |
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Walbrook PR Limited | +44 (0)20 7933 8780 |
Nick Rome | trinityexploration@walbrookpr.com |
About Trinity
Trinity is an independent oil and gas exploration and production company focused solely on Trinidad. 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 nine licences and, across all of the Group's assets, Management's estimate of 2P reserves as at the end of 2017 was 23.2 mmbbls. The Group's 2C Contingent Resources are estimated to be 24.0 mmbbls. The Group's overall 2P plus 2C Reserves and Resources are therefore 47.2 mmbbls.
Galeota Licence Summary
Trintes is within the Galeota Licence area (Trinity 100% working interest) which covers 121.6 km² in the shallow waters (17m to 45m) of the Columbus Basin off the East Coast of Trinidad. The Galeota block offers full cycle opportunities with existing production, development opportunities and exploration upside from the over 700 mmstb of stock tank oil initially in place (STOIIP) across the Galeota anticline.
Re-development at Trintes-TGAL is targeting a sizeable reserves base of c. 15 mmbbls, and c. 14 mmbbls of additional net contingent resources, which could be re-classified as 2P reserves.
Trinity is listed on the AIM market of the London Stock Exchange under the ticker TRIN.