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Trinity Exploration & Production plc
(the "Company" or "Trinity"; AIM:TRIN)
Trinity to spud two offshore exploration wells in Q4 2013 targeting gross prospective resources of 45 mmbbl
12th August 2013
Trinity, the leading independent E&P company focused on Trinidad and Tobago, is pleased to update on its upcoming exploration programme.
Trinity plans to spud two offshore exploration wells in the fourth quarter of 2013, one on the West coast (El Dorado) and the other on the East coast of Trinidad (GAL-25). These wells expose investors to combined gross unrisked prospective resources of 45 mmbbl. Both prospects are located close to existing Trinity operated production and infrastructure and can therefore, on success, be put on production in a short space of time.
Trinity has committed to one rig slot with each of the Rowan Gorilla III and the WS-152 jackup rigs to drill these wells. Trinity also has options to take additional rig slots if required.
El Dorado
The El Dorado prospect is located on the PGB acreage offshore the shallow water West coast where Trinity holds a 70% working interest. The El Dorado well will test an undrilled fault block on the West flank of the Trinity operated producing Brighton field. The well will be drilled vertically to a total depth of 6,138 ft targeting stacked pay with three primary target horizons and a further three secondary objectives. Trinity has contracted the WS-152 mat-supported jack-up rig to drill this prospect and the well is expected to spud in the fourth quarter of 2013.
Management estimates the El Dorado well is targeting gross unrisked P50 prospective resources of 13.4mmbbl with a chance of success estimated at 51%. This estimate is based on primary recovery only; Trinity is currently undertaking an engineering study to examine whether waterflooding could successfully improve recovery rates in this area which could potentially double the resource potential of El Dorado.
GAL-25
Trinity has signed a rig contract with Rowan that provides Trinity with one firm rig slot with the Gorilla III jackup rig for 2013. The rig will become available to Trinity once it has completed its current campaign with a third party operator in Trinidad, expected to be in the fourth quarter of 2013.
Trinity will utilise the rig to drill the GAL-25 prospect on the Galeota License (Trinity 65% working interest) targeting a north east extension of the Trinity operated producing Trintes field. The well will be drilled vertically to a total depth of 6,500 ft to test nine stacked reservoir sands. Three primary reservoirs are being targeted with the well, the M, N and O sands, all of which are high quality sandstones that offer the potential for high recovery factors.
Management estimates the GAL-25 well is targeting gross unrisked P50 prospective resources of 31.9mmbbl with a chance of success estimated at 64% in the primary reservoirs.
Monty Pemberton, Chief Executive Officer of Trinity, commented:
"Trinity has secured rig access to embark on a high impact, low risk exploration programme that will commence in the fourth quarter this year. These two wells are targeting 45 mmbbl of gross unrisked prospective resources and have the potential to materially grow our existing reserves, production and cash flows over a short period of time. These exploration prospects are close to Trinity operated producing infrastructure and as such, can be brought onto production rapidly once successful. In addition the availability of rig options creates operational flexibility to drill additional wells during 2014."
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 Catriona McDermott
| 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 36 mmbbl and is targeting 5,000 bopd production by the end of 2013. Trinity is listed on the AIM market of the London Stock Exchange under the ticker TRIN.LN.