Trinity Exploration & Production Drilling commenced on six well onshore campaign (5463Q)
June 29 2022 - 2:00AM
UK Regulatory
TIDMTRIN
RNS Number : 5463Q
Trinity Exploration & Production
29 June 2022
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Drilling commenced on six well onshore campaign
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago,
announces that drilling operations have commenced for the first
well of its 2022 six well programme.
As previously outlined, the fully-funded drilling programme,
which includes conventional infill wells, a horizontal well and a
deeper appraisal well, is targeting an aggregate 450 - 1,100mbbls
of reserves at a cost of US$14m - US$17m. These are significantly
higher volumes per dollar of capital invested, that in a success
case, would generate materially increased cash returns compared
with previous drilling programmes.
Management believes that the potential returns from the proposed
horizontal and deeper appraisal wells could underpin a material
increase in production rates and potentially unlock previously
untapped deeper pools of hydrocarbons. If successful, the
horizontal well could yield production rates and returns c.3x those
achievable from conventional infill wells, with the wider programme
also benefiting from the mapping and integration of the 3D seismic
acquired in 2020, enabling a more targeted and de-risked approach
to the Company's drilling activities.
Overall, management is confident the Company can support a
multi-year onshore drilling programme from the prospects and leads
identified from the evaluation of the 3D seismic. The 3D seismic
interpretation has, to date, identified a "hopper" of c.40 infill
opportunities, which includes c.35 conventional wells and c.5 high
angle/horizontal wells. The successful drilling of the deeper
appraisal prospect would add more highly attractive prospects to
the hopper, giving greater line of sight on the Company's ability
to deliver on its stated ambition to double production by 2024.
While the Company has a firm timetable in place, inclement
weather conditions could have an impact on workflow. Noting the
current orange-level tropical storm warning in Trinidad, management
will move to ensure the health and safety of its workforce and
contractors - and if necessary may opt to briefly pause drilling
operations.
Jeremy Bridglalsingh, Chief Executive Officer commented: "We are
delighted to have recommenced our drilling activities. We have a
significantly improved our understanding of our acreage through the
3D data acquired, underpinning our confidence in the current
programme while also positioning the Company to take advantage of
future opportunities. We have set ambitious drilling targets as we
focus on a step change in production, which could be further
augmented by potential developments at our Trintes, Galeota and
Brighton assets."
Enquiries:
Trinity Exploration & Production plc Via Walbrook
Nick Clayton, Non- Executive Chairman
Jeremy Bridglalsingh, Chief Executive Officer
SPARK Advisory Partners Limited ( Nominated Tel: +44 (0)20 3368
Adviser and Financial Adviser) 3550
Mark Brady
James Keeshan
Cenkos Securities PLC (Broker) Tel: +44 (0)20 7397
Leif Powis 8900
Neil McDonald +44(0)131 220 6939
Walbrook PR Limited Tel: +44 (0)20 7933
Nick Rome /Tom Cooper 8780
trinityexploration@walbrookpr.com
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 2021 was 19.73 mmbbls. Group 2C contingent resources
are estimated to be 47.22 mmbbls. The Group's overall 2P plus 2C
volumes are therefore 66.95 mmbbls.
Trinity is quoted on the AIM market of the London Stock Exchange
under the ticker TRIN.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLBIGDLRGDDGDI
(END) Dow Jones Newswires
June 29, 2022 02:00 ET (06:00 GMT)
Trinity Exploration & Pr... (LSE:TRIN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Trinity Exploration & Pr... (LSE:TRIN)
Historical Stock Chart
From Jul 2023 to Jul 2024