Trinity Regulatory News (TRIN)

Trinity Exploration & Production plc

("Trinity" or "the Group" or "the Company") 

Trinity and Weatherford International Conduct First Ever ForeSite® Trial Onshore Trinidad

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, is pleased to announce that it has entered into a partnership with Weatherford International plc (WFTIQ) ("Weatherford") to pilot the use of Weatherford's ForeSite® Production Optimization Production 4.0 platform (Software and Automation) in order to maximise returns from the Company's onshore wells. This initiative is the first instance where technology of this kind has been deployed in the onshore oil producing acreage of Trinidad.

Weatherford's ForeSite® Production Optimization Production 4.0 platform provides software and optimization technology for real time pump monitoring and optimization and has been deployed on both progressive cavity and sucker rod pumps. This state-of-the-art technology combines proven Weatherford production optimisation technologies with the Internet of Things, cloud computing and advanced analytics.

By providing support for a broad array of production methods and the ability to optimise an asset from well to surface facility, the ForeSite® platform will enable Trinity to identify and prioritise production optimisation opportunities. The solution includes Weatherford's industry leading Flow Control Technology (FCT) and ForeSite® Edge technologies at the well head and works in conjunction with ForeSite® Production Optimization software to provide a complete well head to desktop solution.

The results of the pilot will be assessed to understand the level of improved efficiency and the impact of optimisation technologies on maximising asset value in respect of the pilot wells.

If deemed successful, Trinity aims to utilise continuous production optimisation in order to reduce operating costs and increase reserves and production from individual wells. The Directors anticipate that the cumulative effect of extending this technology and approach across the Company's assets will enable it to maximise economic returns for the Company.

Bruce Dingwall CBE, Executive Chairman of Trinity, commented: 

"As a technically and commercially driven production company, we are highly focused on maximising returns from our assets. As such, we believe that with this exciting new technology application and continuous data measurement and capture we would be able to optimise lift efficiency on key wells, reduce downtime and enhance productivity.

"This system has the potential to assist in our decision-making and planning process as we focus on achieving our production targets. We are proud to be the first company to use this technology onshore in Trinidad and believe that it will enable us to protect and grow base production. When you couple this state-of-the-art measurement and production optimisation alongside the Company's ambitious plans to drill the first onshore High Angle Well in Trinidad, as part of the Company's 2019 drilling campaign, it is clear Trinity is a technical leader in its field.

"We really have enjoyed the close working relationship that we have developed with the Weatherford team and we look forward to working with them in further digitising and optimising our production operations."

Manoj Nimbalkar, Vice President, Production Automation and Software for Weatherford, commented: 

"We are proud to collaborate with Trinity in their production optimisation goals. As the industry's only enterprise-level optimisation platform from the wellbore to point of sale, ForeSite Production Optimization software transforms historical trending, real-time data, and physics-based models into an intuitive and visual interface. The deployment of ForeSite® production optimization ecosystem will empower Trinity's team to make decisions that improve production, reduce operating costs and enhance personnel efficiency."

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About Trinity (www.trinityexploration.com)

Trinity is an independent oil and gas exploration and 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 2P reserves as at the end of 2018 was 24.5 mmbbls. Group 2C contingent resources are estimated to be 18.8 mmbbls. The Group's overall 2P plus 2C volumes are therefore 43.3 mmbbls.

Trinity is quoted on the AIM market of the London Stock Exchange under the ticker TRIN.

About Weatherford

Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in more than 80 countries and has a network of approximately 650 locations, including manufacturing, service, research and development, and training facilities and employs approximately 26,000 people. For more information, visit www.weatherford.com and connect with Weatherford on LinkedIn, Facebook, Twitter and YouTube.