Last checked at 13 Jul 2023 07:00
This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.
13 July 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Jacobin Drilling Update
Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, announces that the Jacobin well is currently being sidetracked, with drilling currently in progress. Trinity is also pleased to announce that the Lower Cruse section drilled so far demonstrates the presence of multiple oil-bearing sandstone reservoirs.
Highlights
· The Jacobin well was drilled to 9,325 ft at which depth unexpected wellbore conditions prevented further progress, necessitating a sidetrack. This is being effected immediately and the well will continue to drill ahead to the planned depth of approximately 10,000 ft, which is expected to be achieved in two weeks.
· During the drilling programme, the well penetrated over 2,000 ft into the Lower Cruse.
· Preliminary evaluation, using a combination of Measurement While Drilling (MWD) data (inclusive of MWD gamma ray) and together with analysis of well bore cuttings, point to at least three well developed, oil-bearing sand intervals in the Lower Cruse.
· Further data will be collected from the sidetrack currently being drilled, including a full logging suite.
· Further to the announcement on 26 June 2023 when Trinity announced the Jacobin well has successfully intersected the Forest and Upper Cruse secondary targets, further analysis has confirmed that the total net hydrocarbon pay across these targets is 228ft.
· The next update on Jacobin is expected to be announced once the sidetrack has been completed and the full suite of data acquisition has been completed, which will provide a definitive view on all sands encountered.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:
"There is still work to do in order to achieve the total planned depth, with encouraging initial signs thus far. In order to gain a more definitive view we have to successfully complete the sidetrack of the well, and then undertake a data acquisition programme, inclusive of logging, that will provide us with the technical data we need to assess the well's potential. We look forward to updating shareholders when we have completed logging and related interpretation."
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 |
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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, Exploration. Dr. Ryan Ramsook also lectures and is involved in collaborative Geoscience research with the University of the West Indies and is a 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.