Last checked at 27 Jun 2023 07:00
27 June 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Galeota Asset Development Update
Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, announces a progress update on its Galeota Block, offshore East Coast Trinidad.
Trinity has, following a competitive tender exercise, appointed Petrofac to undertake a Concept-Screening study for the development of further reserves in its Galeota Block. The Galeota Block contains estimated 2P+2C reserves and resources of 46.1 million barrels of oil equivalent and is the Company's largest asset.
The drilling of the TGAL-1 exploration well in 2013 led to the discovery of the TGAL area the Galeota Block, in close proximity to the existing productive Trintes field. To develop multiple reservoirs in the Galeota Block and to do so in a capital efficient manner, Trinity has commissioned Petrofac to undertake a Concept-Screening study to advance development planning.
The study will take a fresh look at development concepts for the Galeota Block, using the latest subsurface information and marrying that with Petrofac's global low-cost marginal field track record to develop a concept that can be taken forward into Conceptual Engineering, Front End Engineering and Project Sanction. Key elements will comprise flexibility to deal with reservoir uncertainty and using equipment that could be potentially relocated around the large Galeota Block. Leased Mobile Offshore Production Units ("MOPU") concepts such as converted jack-ups or Floating Production, Storage and Offloading ("FPSO") vessels will be considered as well as any other suitable scheme. The cost of the study is included within this year's capex guidance range.
The study has commenced and is expected to conclude in September, at which point a further update will be provided.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:
"While our immediate operational focus is on drilling the onshore Jacobin well, we continue to assess plans to unlock the development potential of our Galeota Block which comprises 69% of our 2P+2C Reserves and Resources. We look forward to working with Petrofac to progress the Concept-Screening study."
Enquiries:
Trinity Exploration & Production plc Jeremy Bridglalsingh, Chief Executive Officer Julian Kennedy, Chief Financial Officer Nick Clayton, Non- Executive Chairman
| Via Vigo Consulting |
SPARK Advisory Partners Limited (Nominated Adviser and Financial Adviser) Mark Brady James Keeshan
| +44 (0)20 3368 3550 |
Cenkos Securities PLC (Broker) Leif Powis Neil McDonald
| +44 (0)20 7397 8900 +44 (0)131 220 6939 |
Vigo Consulting Limited Finlay Thomson / Patrick d'Ancona
| trinity@vigoconsulting.com +44 (0)20 7390 0230 |
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 ten licences and, across all of the Group's assets, management's estimate of the Group's 2P reserves as at the end of 2022 was 17.96 mmbbls. Group 2C contingent resources are estimated to be 48.88 mmbbls. The Group's overall 2P plus 2C volumes are therefore 66.84 mmbbls.
Trinity is quoted on AIM, a market operated and regulated by the London Stock Exchange Plc, under the ticker TRIN.
Competent Person's Statement
All reserves and resources related information contained in this announcement has been reviewed and approved by Dr. Ryan Ramsook, Trinity's Executive Manager, Subsurface. Dr. Ramsook is also a Senior Lecturer at the University of the West Indies and Fellow of the Geological Society (FGS) of London. He is a Geologist by background with 19 years' experience.
Disclaimer
This document contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil exploration and production business. Whilst the Group believes the expectation reflected herein to be reasonable in light of the information available to it at this time, the actual outcome may be materially different owing to macroeconomic factors either beyond the Group's control or otherwise within the Group's control.