Last checked at 31 Oct 2013 07:00
Trinity Exploration & Production plc
(the "Company" or "Trinity"; AIM:TRIN)
TGAL-1 exploration well (formerly referred to as GAL-25) commences drilling
31 October 2013
Trinity, the leading independent E&P company focused on Trinidad and Tobago, is pleased to announce the commencement of drilling operations at its TGAL-1 exploration well which lies within the Galeota license offshore the east coast of Trinidad. This well was previously referred to as GAL-25. Trinity is operating the well and holds a 65% working interest in the prospect.
The TGAL-1 well is targeting an up-dip extension of the Trinity operated producing Trintes field. Drilling operations are being undertaken utilising the Rowan Gorilla III jackup rig and the well will be drilled vertically to a total depth of 6,500 ft in order to test nine stacked reservoir sands. Three reservoirs are the primary targets, the M, N and O sands, all of which are made up of high quality sandstones that offer the potential for large reserves and high recovery factors. Management estimates the TGAL-1 well is targeting gross unrisked P50 prospective resources of 32 mmbbl with a chance of success estimated at 64% in each of the primary reservoirs. The well is expected to take 30 days to drill.
Monty Pemberton, Chief Executive Officer of Trinity, commented:
"Trinity is pleased to announce the spud of the TGAL-1 exploration well. This well is targeting 20mmbbl net to Trinity and as such offers significant potential reserve and future production and cashflow to the Company. Consistent with our strategy and operating philosophy, the prospect is close to our operated infrastructure allowing for rapid development if successful.
This is the first of two exploration wells that will spud before year-end with the El Dorado well targeting 13 mmbbls offshore the west coast also expected to spud shortly. With these two wells, Trinity is exposing investors to significant growth potential over the short term."
Competent Person's Statement:
The information contained in this announcement has been reviewed and approved by Clive Deokie, Subsurface Manager for Trinity Exploration & Production plc, who has over 25 years of relevant experience in the oil and gas industry. Mr Deokie holds a BSc Hons in Geology from the University of the West Indies and is a member of the Geological Society of Trinidad & Tobago.
Enquiries
Trinity Exploration & Production Monty Pemberton, Chief Executive Officer Robert Gair, Corporate Development Manager
| Tel: +44 (0)20 7404 5959
|
RBC Capital Markets (NOMAD & Joint Broker) Tim Chapman Matthew Coakes Daniel Conti
| Tel: +44 (0) 20 7653 4000 |
Jefferies (Joint Broker) Chris Zeal Graham Hertrich
| Tel: +44 (0) 20 7029 8000 |
Brunswick Group LLP (PR Adviser) Patrick Handley Catriona McDermott
| Tel: +44 (0) 20 7404 5959
|
About Trinity
Trinity is the largest independent E&P company focused on Trinidad and Tobago. Trinity 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 with the potential to deliver meaningful reserves/resources growth. The Company operates all of its licences and has 2P reserves of 36 mmbbl. Trinity is listed on the AIM market of the London Stock Exchange under the ticker TRIN.LN.