Trinity Exploration & Production Galeota Asset Development Project Update
March 09 2022 - 2:01AM
RNS Non-Regulatory
TIDMTRIN
Trinity Exploration & Production
09 March 2022
Reach Announcement
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Galeota Asset Development ("GAD") Project Update
Certificate of Environmental Clearance
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago,
announces that it has received the final Certificate of
Environmental Clearance ("CEC") for the Galeota Asset Development
("GAD") Project from the Environmental Management Authority of
Trinidad and Tobago ("EMA").
This now completes all required environmental clearances for the
Echo Field Development, which has the potential to achieve peak
annualised gross production of circa. 7,000 bopd. Receipt of the
CEC is another important step on the path to achieving Final
Investment Decision ("FID") for the Echo Field Development. The
timetable to FID will ultimately be subject to the outcome of the
farm-down process for Galeota, which encompasses the current
Trintes production, the matured Echo Field Development and the
Foxtrot and Golf appraisal areas.
Jeremy Bridglalsingh, Chief Executive Officer, commented:
"Acquiring the CEC for the Echo Field Development is a notable
step on the path to FID, and we are appreciative of the support
from key contractors as well as the constructive dialogue and
thorough manner in which the EMA guided the CEC process.
"The Galeota farm-down process continues with healthy levels of
engagement from interested parties. Furthermore, the anticipated
reform of the taxation regime should create a more attractive
environment for Trinity and potential partners to deploy investment
capital into GAD and similar projects."
Enquiries
Trinity Exploration & Production plc +44 (0)131 240 3860
Jeremy Bridglalsingh, Chief Executive
Officer
Tracy Mackenzie, Corporate Development
Manager
SPARK Advisory Partners Limited (Nominated
Adviser and Financial Adviser) +44 (0)20 3368 3550
Mark Brady
James Keeshan
Cenkos Securities PLC (Broker)
Leif Powis +44 (0)20 7397 8900
Neil McDonald +44 (0)131 220 6939
Walbrook PR Limited +44 (0)20 7933 8780
Nick Rome/Nicholas Johnson trinityexploration@walbrookpr.com
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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 nine licences and, across all of the
Group's assets, management's estimate of the Group's 2P reserves as
at the end of 2020 was 19.55 mmbbls. Group 2C contingent resources
are estimated to be 31.06 mmbbls. The Group's overall 2P plus 2C
volumes are therefore 50.61 mmbbls.
Trinity is quoted on the AIM market of the London Stock Exchange
under the ticker TRIN.
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