Last checked at 26 Jun 2023 07:00
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26 June 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 an update on its Jacobin well, which spudded on 15 May 2023, being drilled onshore Trinidad.
Highlights
· The Jacobin well has now completed two of three planned sections and has successfully intersected the Forest and Upper Cruse secondary targets encountering good quality oil-bearing reservoirs. An intermediate logging programme has been completed and initial analysis shows good quality reservoirs and pay zones which have exceeded pre-drill estimates.
· The rig is setting casing and is preparing to drill ahead into the third section, during which it is expected to encounter the primary well targets in the deeper Lower Cruse reservoir formations (TS-6, TS-7 and TS-8), through to prognosed Total Depth ("TD"), which we expect to achieve in approximately two weeks' time.
The drilling schedule has been extended due to the Company's decision to accelerate the changeover to synthetic oil-based mud in the second section (which had been planned for the third section) in response to challenging drilling conditions. Once initiated, this saw a rapid and material improvement in drilling progress. Due to the nature of the turnkey contract, no significant cost impact is anticipated.
The Company expects to provide a further update on progress on the Jacobin well after reaching TD.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:
"Initial indications confirm that the Jacobin well has, so far, encountered oil in the shallow secondary formations, which is encouraging. We keenly await progress as drilling recommences to the deeper TS-6, TS-7 and TS-8 Lower Cruse formations.
The data provided from Jacobin will help to de-risk further Lower Cruse drilling across the Hummingbird prospects, including the Buenos Ayres block, where we announced the success of our application in the 2022 Onshore and Nearshore Competitive Bid Round earlier this month. In a success case, Jacobin will require further development drilling expected to demonstrate strong payback and cash-on-cash metrics."
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.