Trinity Regulatory News (TRIN)

Trinity Exploration & Production Plc

(the "Company" or "Trinity"; AIM: TRIN)

Operational and Strategic Update

16th November 2015

Trinity, an independent E&P company focused on Trinidad and Tobago, today provides an update on its operations and financials for the year to September 2015 as well as details on its forward strategy and portfolio following the proposed divestment of its onshore portfolio.

Operating Update

· Group average net production levels of 2,963 boepd for the year to 30th September 2015 (H1 2015: 3,085 boepd)

· Group's assets that will remain following the disposal of WD-2, WD-5/6, WD-13, WD-14, FZ-2 licences and Block GU-1 had an average net production levels of 1,354 boepd for the year to 30th of September 2015

· Production levels continue to reflect the robust nature of the asset base with declines being modest against a backdrop of reduced levels of investment

· Effective from 13th November 2015, Joel ("Monty") Pemberton has resigned his directorships of Trinity and its subsidiaries but as previously announced his employment with Trinity will continue until the end of the year

Financial Update

· Cash balance at end of September of US$ 10.4 million, trade and other receivables of US$14.5 million, taxation recoverable of US$0.5 million, inventories of US$6.6 million, debt of US$13.0 million, trade and other payables of US$28.3 million and taxation payable of US$24.1 million (all financials are unaudited)

· Current moratorium on principal repayments relating to Trinity's outstanding debt extended to 20th November 2015

Strategic & Portfolio Update

Following completion of the sale of the Company's interest in the WD-2, WD-5/6, WD-13, WD-14, FZ-2 licences and Block GU-1 (the "Proposed Disposal"), the Group will continue to operate its remaining assets. Management estimates that the Group's total 2P reserves following completion of the Proposed Disposal will be 18.4 MMboe and Group 2C contingent resources will be 21.7 MMboe.

Trinity continues to focus on improving operational efficiencies to ensure asset profitability in a low oil price environment. This includes well production optimisation and working with contractors on building lower cost and longer term solutions to ensure asset profitability in a low oil price environment.

Subject to capital availability, the Company is well positioned for growth with an inventory of high quality drilling locations across its East Coast and West Coast acreage and continues its work on completing the development plan for the updip development project TGAL (TRIN: 65% WI), which includes the Galeota Ridge to the north east.

East Coast - Potential Developments

The potential of the offshore play is considerable, with much higher reserves recovery per well than the onshore - at Trintes, wells have historically averaged c.450,000 bbls over the lifetime of each well with initial flow rates of up to 1,500 bopd. The Company intends to focus on the offshore, which contains the greatest volume of production potential and of reserves and resources. Management estimates of Stock Tank Oil Initially in Place ("STOIIP") at the Galeota asset, excluding Trintes and TGAL, are almost 270 MMbbls. This resource is contained within the Galeota Licence area. The accumulation is shallow water and contains light oil in high quality reservoir rocks at subsurface depths of 4,500 ft or less.

At TGAL, the subsurface evaluation has been completed and management believes that it will be practical to adopt a phased approach to developing the field by bringing onto production the reserves nearer to the Trintes field (TRIN: 100% WI) via a tie-back to the Trintes facility. Management estimates STOIIP on Trinity's TGAL-1 discovery at a best technical estimate of 186 MMbbls. Seventeen potential drill locations have been identified in the first phase, equating to 22 MMbbls of gross recoverable resources. The revenues generated under phase one would allow for reinvestment in other facilities and pipeline.

Notwithstanding further identified potential in the Galeota block, management estimates that Trinity's combined net 2P and 2C volumes from the Trintes-TGAL area are in excess of 36 MMbbls (based on a conservative 12% recovery factor at TGAL).

West Coast - Potential Developments

Growth potential from the Brighton Marine (TRIN: 100% WI) and Pt. Ligoure, Guapo Marine, Brighton Marine Outer (PGB, TRIN: 70% WI) blocks could be targeted via the re-initiation of infill drilling, recompletions and greenfield development programmes. These activities could significantly increase production levels.

Trinity has matured two field development programmes that include both near and medium term growth opportunities through infill drilling across both licences in the Brighton Marine Outer and Guapo Marine areas. These areas are relatively unexplored and demonstrate good oil recovery per well.

There are further opportunities that comprise a potential greenfield development in Pt. Ligoure, secondary recovery and enhanced oil recovery (EOR) options and exploration prospects from the prolific Forest and Manzanilla reservoirs.

Exploration potential in the West Coast area has been evidenced by Petrotrin's Jubilee field discovery in 2012, located south east of Cluster 6-ALM 22 well and contiguous to the Pt. Ligoure licence area. Petrotrin's preliminary resource estimate at Jubilee is 48 MMbbls.

Across Trinity's ongoing asset base there are identified pathways for value and production growth. Until such time as these can be fully evaluated the Company aims to continue to reduce operating breakeven levels whilst warehousing and retaining the integrity of a significant volume of reserves and resources.

The Company remains in a formal sale process as it continues with its strategic review.

Competent Person's Statement

The information contained in this announcement has been reviewed and approved by Dr Ryan Ramsook, the Company's Head of Sub Surface, who has 10 years of relevant experience in the oil industry. Dr Ramsook holds a PhD in Geology.

Enquiries:

Notes to Editors

About Trinity

Trinity is one of the largest independent E&P company focused on Trinidad and Tobago. Trinity currently 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. The Company operates all of its licences. Trinity is listed on the AIM market of the London Stock Exchange under the ticker TRIN.LN.