Last checked at 7 Feb 2014 07:00
Trinity Exploration & Production plc
(the "Company" or "Trinity"; AIM:TRIN)
El Dorado exploration well result
7th February 2014
Trinity, the leading independent E&P company focused on Trinidad and Tobago, announces that it has concluded drilling operations at its El Dorado exploration well within the PGB license offshore the West Coast of Trinidad (Trinity 70% operated interest).
The Trinity operated El Dorado exploration well was spudded on 6th December 2013 utilising the WS-152 jackup rig. The primary objective of the well was to test an undrilled fault block on the west flank of the Trinity operated Brighton field.
The well was drilled to a total depth of 6,174 feet measured depth ("MD") and intersected a shallow gas sand in the Pliocene section and marginal thin bedded oil pay in the Miocene section. In aggregate approximately 13 ft of net oil sands and 32 ft of net gas sands were encountered, however these are not deemed commercial and so the well will now be permanently plugged and abandoned.
Monty Pemberton, Chief Executive Officer of Trinity, commented:
"Trinity is naturally disappointed that the El Dorado well has not yielded a commercial discovery. Trinity continues to focus on its infill drilling campaign, delivering first oil at our TGAL-1 discovery in the shortest possible time frame and high grading our exploration portfolio for drilling additional exploration wells at the appropriate time. The Trinidadian upstream industry continues to evolve in a positive manner and Trinity is well positioned to capitalise on future opportunities to grow its portfolio."
Competent Person's Statement:
The information contained in this announcement has been reviewed and approved by Clive Deokie, Subsurface Manager for Trinity Exploration & Production plc, who has over 25 years of relevant experience in the oil and gas industry. Mr Deokie holds a BSc Hons in Geology from the University of the West Indies and is a member of the Geological Society of Trinidad & Tobago.
Enquiries
Trinity Exploration & Production Monty Pemberton, Chief Executive Officer Robert Gair, Corporate Development Manager
| Tel: +44 (0)20 7404 5959
|
RBC Capital Markets (NOMAD & Joint Broker) Tim Chapman Matthew Coakes Daniel Conti
| Tel: +44 (0) 20 7653 4000 |
Jefferies (Joint Broker) Chris Zeal Graham Hertrich
| Tel: +44 (0) 20 7029 8000 |
Brunswick Group LLP (PR Adviser) Patrick Handley Kate Boothman-Meier
| Tel: +44 (0) 20 7404 5959
|
About Trinity
Trinity is the largest independent E&P company focused on Trinidad and Tobago. Trinity operates assets onshore and offshore on both the West and East coasts. 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 licences and has 2P reserves of 49 mmbbl. Trinity is listed on the AIM market of the London Stock Exchange under the ticker TRIN.LN.