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9 Mar 2022 07:00
Reach Announcement
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Galeota Asset Development ("GAD") Project Update
Certificate of Environmental Clearance
Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, announces that it has received the final Certificate of Environmental Clearance ("CEC") for the Galeota Asset Development ("GAD") Project from the Environmental Management Authority of Trinidad and Tobago ("EMA").
This now completes all required environmental clearances for the Echo Field Development, which has the potential to achieve peak annualised gross production of circa. 7,000 bopd. Receipt of the CEC is another important step on the path to achieving Final Investment Decision ("FID") for the Echo Field Development. The timetable to FID will ultimately be subject to the outcome of the farm-down process for Galeota, which encompasses the current Trintes production, the matured Echo Field Development and the Foxtrot and Golf appraisal areas.
Jeremy Bridglalsingh, Chief Executive Officer, commented:
"Acquiring the CEC for the Echo Field Development is a notable step on the path to FID, and we are appreciative of the support from key contractors as well as the constructive dialogue and thorough manner in which the EMA guided the CEC process.
"The Galeota farm-down process continues with healthy levels of engagement from interested parties. Furthermore, the anticipated reform of the taxation regime should create a more attractive environment for Trinity and potential partners to deploy investment capital into GAD and similar projects."
Enquiries
Trinity Exploration & Production plc | +44 (0)131 240 3860 |
Jeremy Bridglalsingh, Chief Executive 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 James Keeshan
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Cenkos Securities PLC (Broker) |
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Leif Powis Neil McDonald | +44 (0)20 7397 8900 +44 (0)131 220 6939 |
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Walbrook PR Limited | +44 (0)20 7933 8780 |
Nick Rome/Nicholas Johnson | trinityexploration@walbrookpr.com |
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About Trinity ( www.trinityexploration.com )
Trinity is an independent oil production company focused solely on Trinidad and Tobago. 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 the Group's 2P reserves as at the end of 2020 was 19.55 mmbbls. Group 2C contingent resources are estimated to be 31.06 mmbbls. The Group's overall 2P plus 2C volumes are therefore 50.61 mmbbls.
Trinity is quoted on the AIM market of the London Stock Exchange under the ticker TRIN.
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